Village Announces Alliance with Simon Property Group, Commitment to Southridge and the 76th Street Corridor
November 11, 2010 | 07:36 AM Posted by the
Village
Manager
The Village of Greendale today initiated the public review
process for a proposed Tax Incremental Financing (TIF) district.
The proposed TIF district encompasses Southridge Mall and parts of
the surrounding 76th Street commercial area. A public hearing will
be held before the Village of Greendale Plan Commission on December
1st in the Courtroom of the Greendale Safety Center located at 5911
W. Grange Avenue, Greendale, WI 53129. There will be no additional
cost to Greendale taxpayers for the establishment of the TIF
district.
The Village of Greendale has worked with the owner of Southridge Mall, Simon Property Group, Inc., (NYSE:SPG), the country’s largest owner, developer and manager of high quality retail real estate, to pursue the TIF district designation. For its part, Simon plans to undertake a multi-million dollar redevelopment of Southridge, including a renovation and upgrade of the mall’s interior. Southridge Mall, Wisconsin’s largest shopping center, is a 1.2 million square foot regional mall that was built in 1970. Anchors include Kohl’s, Sears, JCPenney, and Boston Store.
“We are encouraged that Simon has recognized the huge potential Greendale has to offer, and sincerely appreciate that they have the financial ability and commitment to make this significant investment,” said John Hermes, Village of Greendale President. “Our leaders have made smart decisions, and this new alliance positions our community to realize the financial benefits for years to come.”
In recent years, the Village of Greendale has worked with residents, community leaders and business owners to explore options for revitalizing Southridge and the surrounding 76th Street commercial area, and the enhancements of Southridge will complement these efforts. In addition, reconfiguration of the south end of Southridge and construction of a new senior housing development will begin this fall. The Village is encouraged that these developments will lead to additional retail growth along 76th Street.
“The Village of Greendale has been a strong partner since we purchased Southridge Mall in 2007,” said Scott Richardson, Regional Vice President of Development for Simon. “Our work together has provided a solid foundation for developing mutual goals as we look to transform Southridge Mall for the future.” Richardson commented that Simon is finalizing the scope of the redevelopment.
Redevelopment Project Boundary Map (click above image to enlarge).
Click here to download as pdf.
Redevelopment Concept Illustration (click above image to enlarge).
Click here to download as pdf.
TIF Quick Links:
The Village of Greendale has worked with the owner of Southridge Mall, Simon Property Group, Inc., (NYSE:SPG), the country’s largest owner, developer and manager of high quality retail real estate, to pursue the TIF district designation. For its part, Simon plans to undertake a multi-million dollar redevelopment of Southridge, including a renovation and upgrade of the mall’s interior. Southridge Mall, Wisconsin’s largest shopping center, is a 1.2 million square foot regional mall that was built in 1970. Anchors include Kohl’s, Sears, JCPenney, and Boston Store.
“We are encouraged that Simon has recognized the huge potential Greendale has to offer, and sincerely appreciate that they have the financial ability and commitment to make this significant investment,” said John Hermes, Village of Greendale President. “Our leaders have made smart decisions, and this new alliance positions our community to realize the financial benefits for years to come.”
In recent years, the Village of Greendale has worked with residents, community leaders and business owners to explore options for revitalizing Southridge and the surrounding 76th Street commercial area, and the enhancements of Southridge will complement these efforts. In addition, reconfiguration of the south end of Southridge and construction of a new senior housing development will begin this fall. The Village is encouraged that these developments will lead to additional retail growth along 76th Street.
“The Village of Greendale has been a strong partner since we purchased Southridge Mall in 2007,” said Scott Richardson, Regional Vice President of Development for Simon. “Our work together has provided a solid foundation for developing mutual goals as we look to transform Southridge Mall for the future.” Richardson commented that Simon is finalizing the scope of the redevelopment.
Redevelopment Project Boundary Map (click above image to enlarge).
Click here to download as pdf.
Redevelopment Concept Illustration (click above image to enlarge).
Click here to download as pdf.
TIF Quick Links:
- Draft Project Plan (November 10, 2010)
- Project Boundary Map
- Redevelopment Concept Illustration
- Web Page for Tax Incremental District Number Two, Village of Greendale
