By Tom Daykin – Milwaukee Journal Sentinel
A former Greenfield shopping center’s planned redevelopment into roughly 250 apartments is taking a step forward with the project site’s sale.
The largely vacant Spring Mall, 4200 S. 76th St., was sold for $4 million by the City of Greenfield to a Mandel Group Inc. affiliate: Cold Spring Crossing Apartments LLC.
That’s according to a new deed posted online by the Wisconsin Department of Revenue. The city purchased the 23.9-acre property in June 2023 for $3.7 million to help redevelop the site.
Mandel Group plans to begin construction during the third quarter, said President and Chief Operating Officer Phillip Aiello. That work should take around 20 months to complete, he said.
The Greenfield Common Council in January 2024 selected Mandel as the developer for the site.
The firm’s revised plans call for 257 market-rate luxury apartments to replace most of Spring Mall’s buildings. Those plans also have Meyer’s Restaurant Bar & Banquet Hall remaining in business at the site.
The Common Council in September approved a tax incremental financing district to help pay for the development.
The city will use property tax revenue generated by the new apartments to provide $32.6 million to Mandel Group, according to the financing district’s project plan. That cash will be provided through annual payments over an estimated 23 years.
The city also will spend $500,000 for new streetlights, and $410,000 for administrative costs tied to the financing district.
The apartments will add an estimated $58 million in new property tax base, according to the project plan.
