The future of Bayshore Town Center is becoming more clear as Glendale takes its first step toward redeveloping the struggling outdoor mall.
Glendale Mayor Bryan Kennedy calls the deal a 'win-win' as it would get the city off the hook for $56 million in debt from the original town center project. Meanwhile, Bayshore owners would get to redevelop a mall that fits the current market.
Signs on Bayshore's property that read 'Reimagining in Progress' could soon say 'Redevelopment Underway.' It's exciting news for shopper Jimmie Marshall.
"It's close to us," he said. "It's the only mall we have around here," he said.
Bayshore has lost several big name tenants over the past few years: Sears, Sports Authority, Sprecher's and Mary Evers favorite, Boston Store, just to name a few.
"I wish I could go back to Boston Store to do my shopping, that was my stop," Evers said.
Kennedy said Bayshore Town Center was developed in 2006 with a heavy focus on retail.
"In the last 15 years we've seen the rise of online shopping," he said. "Amazon's taking over the world when it comes to shopping."
Kennedy said a change in the times comes with a new vision. The plan would demolish the older portion of the mall and Boston Store creating space for new stores and restaurants. There would also be more apartment buildings and entertainment venues like a winter skating rink.
"It is going to bring a lot more residential so then you've got a much larger market of people who can walk downstairs and cross the street to go to dinner as opposed to having to drive some place," Kennedy said.
Under the deal, Kennedy said mall owners would pay off Glendale's Bayshore debt and pay upwards of $100 million on mall redevelopment.
In return, Glendale would provide up to $37 million from future Bayshore property tax revenue, meaning residents would not be paying anything out of pocket.
"In the end, they're going to have a profitable asset," Kennedy said. "On paper, it's going to make a profit every single year."
This plan is still months away from receiving approval, but it appears both sides are on board.
