The new owners of Bayshore Mall are proposing a redevelopment plan that would demolish existing stores and make way for more housing.
Bayshore Mall was transferred to a new real estate company last year. According to our partners at the Milwaukee Business Journal, that new company is proposing a project that would demolish the enclosed mall and make way for multi-family housing, senior housing and a redesigned central square.
"Definitely need more stores," said Glendale Realtor Lesley Strong-Belcher. "I think that would be the number one priority before building more apartments."
She says there is concern among homeowners about the future of the mall.
"Obviously Boston Store had been here a very long time," she said. "The amenities like a great mall brings value so they're definitely concerned."
Boston Store is just one of the anchors that's left the mall. In recent years, Sports Authority, Sears and the movie theater have also left.
The plan to redevelop Bayshore would cost an estimated $75 million.
According to the Milwaukee Business Journal, Glendale officials will consider $74.1 million in new borrowing to support the redevelopment concept. The city borrowing would be paid off by property taxes generated by the redeveloped mall through a tax incremental financing, or TIF, district.
Glendale Alderwoman Tomika Vukovic, whose district includes Bayshore Mall, says she still hasn't learned all the details about what the company wants to do, but she is excited about the prospect.
"Anything that is good for the development of Glendale, good for Bayshore, we're excited to hear what they have to say," she said.