MILWAUKEE — Phoenix Investors, Northridge Mall's prospective buyer, has walked away from its contract to purchase the vacant building after the company failed to come to an agreement with the City of Milwaukee.
According to our partners at the Milwaukee Business Journal, city officials would not drop a raze order for the company's redevelopment.
The founder and chairman of Phoenix Investors, Frank Crivello, spoke to the BizJournal, saying Mayor Cavalier Johnson's administration refused to drop the demolition order, calling it a problem he can't overcome.
“We respect his (Johnson’s) position, I have no choice but to respect it, and because of that, we are not interested in spending more time and energy,” Crivello said Friday in an interview with the Milwaukee Business Journal. “We will not be re-engaging.”
Phoenix Investors had been funding the security of the property since March, in an effort to prevent fires and break-ins at the old mall.
Crivello told the BizJournal they would continue funding that security into next week so the city has time to make other plans.
Those security measures include an around-the-clock guard and several cameras that notify the Milwaukee Police Department and other private security teams of trespassing.
The news of Phoenix Investors walking away comes four months after the company announced its plans to convert the mall into an industrial space that could be leased to other businesses.
Milwaukee officials immediately opposed that plan, saying it would prefer a development that would create significant job growth.
The city's current demolition order was issued in 2019 but has been challenged by a filing in the Wisconsin Court of Appeals.
Should the demolition order be upheld, the building could not be redeveloped unless the city decides to drop the order.
It’s about time to watch on your time. Stream local news and weather 24/7 by searching for “TMJ4” on your device.
Available for download on Roku, Apple TV, Amazon Fire TV, and more.
