depicts part of Brookfield Square Mall’s proposed expansion.
BROOKFIELD - The Plan Commission unanimously approved
a development agreement related to expansion of the Brookfield
Square Mall at its meeting Monday night.
Director Dan Ertl said the commission agreed to allocate $7 million
from tax incremental district 3 to CBL and Associates Properties,
Inc. for the demolition of parts of the Sears store - phase six of
the project - at the Square and the construction of a parking
structure on-site - phase seven.
Brookfield Square as well as malls in Madison and Wausau.
Site building and
landscaping plans for phase six of the project had already been
“For phase six it
was $450,000 for demolition costs at Sears and that will not be
offered to them until they complete the project and obtain a
certificate of occupancy,” Ertl said. “Phase seven, $6.55 million to
offset the costs for the parking structure immediate west of and
connected to the second floor of Boston Store.”
agreement still needs to be approved by the Common Council, which
will review the matter at its meeting later this month.
Ertl said the
completion date for phase six is set for the end of 2015, while
phase seven is scheduled to be finished before the end of 2018. Both
of those dates may be moved up, based on CBL’s success in leasing
six buildings it is currently developing at the square.
funds will offset a large piece of the projects, but Erdl could not
say whether it would be enough to fund the entire project because it
has not yet been designed or bid on.