GREENDALE — The Village of Greendale would buy the empty Boston Store building connected to Southridge Mall for $3.3 million, under a new agreement.
Village Manager Todd Michaels tells our partners at the Milwaukee Business Journal that the sale could happen within the next two months. The village board signed off on the agreement last Tuesday.
Once a sale is complete, the village wants to hire a company to buy and redevelop the 15-acre property and the 220,000-square-foot store on top of it. Village officials are considering declaring the property blighted, which would give them more options, according to the BizJournal.
The village has a stake in the property through a 2012 agreement to give $2 million in tax incremental financing to help Boston Store owner The Bon-Ton Stores improve the property.
Meanwhile, Simon Property Group owns the rest of Southridge Mall. They are involved in a foreclosure case regarding the property, which is pending in Milwaukee County Circuit Court.