Bayshore Redevelopment Moves Forward as Redevelopment Agreement and Tax Increment Financing Plans Approved

MILWAUKEE (July 8, 2019) – Bayshore’s tax increment financing plans for the center’s redevelopment proposal, per the amended development agreement, were recently approved by the City of Glendale’s Common Council.

“We are thankful to the City of Glendale and the Common Council for their support and confidence,” said Kirk Williams, managing director, Cypress Equities. “We look forward to the next phase of the redevelopment approval process and remain committed to transforming Bayshore into a year-round, community destination for all to enjoy.”

As part of the agreement, Bayshore’s owner – Bayshore Shopping Center Property Owner LLC – would retire Glendale’s remaining debt from a previous redevelopment and cover the immediate costs of the estimated $75 million project. Once complete, the center’s value is expected to increase.

In turn, the city would reimburse to the property owner the estimated annual tax rebate reflecting the tax increment above the 2019 base value starting in 2020 and lasting through 2033. The agreement is 100 percent incentive-based, meaning that the property owner will receive incentive payments only to the extent that it creates a value increase above the January 1, 2019 assessed value. This agreement ensures that the risk is placed on the owners of Bayshore, not city taxpayers.

The redevelopment, which is projected to be completed by year-end 2020, calls for the demolition of both the original enclosed mall and former Boston Store location. Cypress Equities, Bayshore’s managing agent, has already begun working to relocate stores that will be affected by the redevelopment.

In addition, the project scope involves transforming the existing Rotunda and Town Square areas into lively communal areas for guests to enjoy.

Along with the demolition process, Cypress Equities has proposed beautification of the grounds and structures, including improvements to landscaping, hardscaping and cosmetic upgrades on numerous high-profile building facades.

The current apartments will be renovated as vacancies occur, and a variety of new units will be made available on the east side of the property off Lydell Avenue.

Cypress Equities is also seeking new retailers that fit the new vision of Bayshore and welcomes guest feedback on preferences for new stores, restaurants and services at ideas@bayshoretowncenter.com.

About Bayshore Town Center

Bayshore Town Center is an open-air, mixed-use shopping center featuring a variety of retail, restaurants, offices and residential units. Bayshore Town Center boasts more than 80 retailers, restaurants and service providers including Brooks Brothers, The Cheesecake Factory, Apple, H&M, Banana Republic, Barnes & Noble, Forever 21, Athleta, Express, The Gap, Kohl’s, Sur La Table, Chico’s, White House / Black Market and Trader Joe’s. For more information, visit bayshoretowncenter.com.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.