Greenfield seeks major mixed-use redevelopment offers for former Spring Mall

The city of Greenfield is seeking a mixed use redevelopment with potentially hundreds of apartments and substantial retail or office space for the vacant Spring Mall property it acquired in June.

The city issued a request for proposals for the 23.8-acre site, setting a $4 million asking price and Oct. 26 deadline for companies to submit offers. That’s a significant step as Greenfield officials seek to bring the mostly vacant property back into use, and generate new tax base in the process.

City officials in July approved a new zoning that would allow up to 500 apartments in four-story buildings on the property. It also would allow up to 250,000 square feet of commercial space in five-story buildings with retail, offices, medical clinics or other entertainment businesses. The city asks that any redevelopment plan either preserve or provide new space for the Meyer’s Family Restaurant that is in business on the property.

The city would consider selling the entire property at 4200 S. 76th St. as one piece, or dividing it and selling off chunks at a price of $200,000 per acre, according to the RFP.

The city bought Spring Mall for $3.7 million from its previous owner, New York real estate firm Brixmor Property Group. That happened after Milwaukee-based Cobalt Partners had considered redeveloping the property with mostly apartments. That would have generated at least $80 million in new property value.

Cobalt had an option to buy the property and worked with Greenfield officials to have the city step in as the buyer.

Vacant buildings on the property include former Pick ‘n Save and TJ Maxx stores. The south building on the property is leased to Meyer’s Family Restaurant.

The RFP said the city would consider supporting a private redevelopment with tax incremental financing.