Redevelopment of former Boston Store Site to include Apartments and Retail
Plans to pursue a mixed-use development on the 15-acre parcel containing the former Boston Store building at Southridge Mall are moving in the right direction.
On Monday, April 1, 2024, the Village Board voted to approve an advance of $450,000 on a pre-development expense loan to Barrett Lo Visionary Development. Some may remember the board approved a similar advance in November of $750,000.
The funding is being used by Barrett Lo Visionary Development to initiate predevelopment work, including design and engineering, for the planned mixed-use development project that will include residential and retail properties.
It’s an important project in that the 15-acre parcel has been vacant for several years and the planned mixed-use development will preserve the economic vitality of Southridge and its positive impact on the Village’s property tax base.
While this project has been in planning stages for an extended period, Village leaders are optimistic about finalizing a new mall operating agreement that will allow the Barrett Lo project to move forward.
Negotiations related to the new mall operating agreement have been taking place with Fidelis Realty Partners since early last year when Fidelis took on an ownership stake in a portion of Southridge Mall. Those negotiations have been productive and positive. We believe the planned development is on track to be completed without needing to exercise condemnation powers granted under state law in order to lift restrictions on the planned development project.
We’re very excited for what the future holds for Southridge Mall and its impact on the Village of Greendale.
Learn more about this project on the Boston Store Redevelopment webpage.