Article from Milwaukee Business Journal
By Sari Lesk
October 7, 2020
The redevelopment of the Bayshore lifestyle center is more than 75% complete.
Developer and mall manager Cypress Equities, of Dallas, has been redeveloping the complex for about a year. The project is expected to be complete before the end of this year.
Some of the biggest changes to the retail center include the opening of Total Wine & More and the forthcoming store by Target Corp. Minneapolis-based Target is taking over the space where the now defunct Bon-Ton Stores Inc. had operated a Boston Store.
Kirk Williams, a managing director with Cypress, said his firm is working toward delivering the shell of the Target store. A spokesperson for the retailer declined to comment on the opening timeline.
Williams said Bayshore is experiencing significant leasing interest, which he attributed to the energy generated by recent updates, including Total Wine’s September opening and other activity at the center.
Williams said the Covid-19 pandemic has forced Cypress to be more flexible as the market responds to the new environment.
“It’s caused us to think in a different way, which is not, in and of itself, bad,” Williams said. “It’s just different than what we did in the past.”
Williams said guests at the open-air center have a variety of options for how they engage at Bayshore, including multiple points of contact and different parking options.
“Covid has had its impact on the entirety of retail, but I really like where we are with Bayshore with regard to how we designed it,” Williams said.
As part of the redevelopment, Cypress demolished the enclosed portion of Bayshore, which included a food court and interior mall. The overarching approach to the project is to reduce the square footage of the shopping center overall and devote less space to retail.
Cypress is reallocating some of the mall’s space as individual lots, which it is selling to other developers. Three are under contract, Williams said, and two remain for sale. He declined to name the buyers but said the uses targeted for the five lots are a quick-service restaurant, a service retailer, a hospitality business, a medical office building and a financial institution.
The developer over the summer also revealed plans for 316 apartments in four new buildings to line North Lydell Avenue near the parking structure on the eastern side of the property.
Glendale officials last year approved public financing to support the redevelopment.