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RETAILERS MAKE MOVES AS BAYSHORE REDEVELOPMENT PROGRESSES

Article from Milwaukee Business Journal

By Sari Lesk
February 12, 2020

H&M is temporarily closed at the Bayshore shopping center in Glendale as the retailer expands.

The business is one of several making moves as the town center’s manager, Dallas-based Cypress Equities, redevelops the complex.

H&M is expected to reopen in late spring in a fully renovated, two-level, 20,335-square-foot space, according to a news release.

In addition, professional and luxury fashion retailer Aversa for Her will move into its own new, expanded boutique later this year.

“Aversa is proud to present to Bayshore and all women who are fashion-, service- and quality-driven a newly expanded concept,” general manager David Aversa said in the release. “Our expanded selection offers new designers and price points no matter your age or lifestyle.”

Other tenants have already relocated. Those include: Bayshore Tailor, Champs Sports, Eyebrow Envy, Foot Locker, O’Chi Reflexology and Rocky Rococo. Magical Nails is expected to move into its new space this month, the release says.

Although Cypress has shared few details about its plans for Bayshore’s tenant line-up, the announcement Tuesday indicates visitors can expect more local retailers and restaurants. The only tenant addition announced so far is active lifestyle retailer Erik’s.

The redevelopment project is now projected to be complete by the end of 2020, which appears to be a slight delay from the original target of November. As the project progresses, Cypress will reduce the overall square footage of the shopping center and the portion devoted to retail.

Demolition of the enclosed mall is now anticipated in late spring, a spokesman said. That had been planned for January. As Cypress clears land parcels for other uses, it expects some of that space will be devoted to a hotel and new residential facilities.

The redevelopment project is backed by public funding from the city of Glendale. City officials reached an agreement that mall leadership would pay off the debt Glendale incurred during a previous redevelopment of Bayshore. In exchange, the city agreed to return annually any property tax increase this redevelopment creates.

Although the actual benefit depends on how much value Cypress adds, officials estimated the city would return $2.83 million to the developer each year from 2020 to 2033, for a potential total benefit of $36.75 million.

Original Article

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