MILWAUKEE- After years of vacancy, Northridge Mall will be redeveloped.
Bill Penzey made an offer to sell his portion of Northridge Mall to the City of Milwaukee for redevelopment purposes.
Penzey had hoped to purchase the entire mall for his spice business years ago. After that deal fell through in 2013, Penzey now is ready to part with his shares of the vacant mall. Penzey owns the former Boston Store, the parking lot, and the private roads circling the mall.
About 150,000 square feet would be available for redevelopment. The Milwaukee Department of City Development is thinking about turning the space into sit-down restaurants, which would be of good use in the community. They are also considering redeveloping the property into job producing industrial space. There is talk of rebuilding the roads Penzey currently owns into city streets with sidewalks. Reconstruction will likely begin in 2019.
If the city accepts Penzey's offer, there will be a lot of work to be done. City officials still are dealing with other parts of the vacant mall that are owned by a non-responsive Chinese investor group. Other areas around Northridge Mall have been undergoing redevelopment initiatives as well, so this could be a good expansion move for the area.