GREENFIELD, Wis. — A real estate developer wants to demolish the mostly vacant Spring Mall in Greenfield and replace it with apartments, restaurants and retail.
Cobalt Partners president and CEO Scott Yauck said the redevelopment of the mall at 4200 S. 76th St. could bring in $80 million to $100 million in new property taxes, according to our partners at the Milwaukee Business Journal.
The Powerline Trail bike path is under construction right next door. Yauck says the new mall could feature a brewery taproom and outdoor seating for a restaurant off the path.
The only business left at Spring Mall is Meyer’s Restaurant and Bar. Yauck said talks are underway with the restaurant's ownership.
The mall could contain about 367 apartment units in buildings up to four stories tall. There may also be 147 two-level townhouse apartments with walk-up entrances.
Yauck wants to get tax incremental financing from Greenfield to redevelop the mall. The city's TIF districts covered expenses for land preparation and other costs for two previous projects, the BizJournal reports.
“We’ve had a great working relationship,” he said. “The city has certainly been good to work with and business-oriented.”
Yauck hopes to buy the Spring Mall property by the end of 2022 from the current owner, Brixmor.
Demolition could start midway through 2023 and construction could start in the fall of 2023. Yauck will first present his plans to Greenfield’s Plan Commission on Sept. 13.
