The City of Milwaukee is moving forward with plans to redevelop its 58-acre former Northridge Mall site. The redevelopment consultant, Baker Tilly, has expressed concerns that the city needs to amend its development processes and remain realistic if it wants to attract private sector investment.
City officials met with residents on Wednesday to discuss the long-anticipated project, which aims to create a vibrant community space. The gathering marked the first of several community planning meetings, aimed at engaging hundreds of residents in the process.
Baker Tilly has identified 15 developers who have expressed interest in the site, including local and national firms. However, the company’s managing director, Jolena Presti, warned that the private market is waiting for a successful development to spark other investment.
“A new market needs to be created in the planning process,” Presti said. “There needs to be a catalytic development on the site to kick things off.”
The redevelopment effort comes at a time when nearby suburbs like Menomonee Falls and Brown Deer are becoming more attractive alternatives for developers. The city faces challenges, including lengthy permitting processes and higher sales taxes.
Despite these hurdles, Baker Tilly and the Department of City Development remain optimistic about attracting multiple proposals for the site. They emphasize that the property offers a unique opportunity for private sector investment, with hundreds of acres of underutilized land surrounding it.
The city plans to issue requests for proposals (RFPs) this fall, after drafting an initial development framework and design scenarios in the spring. The next step will be finalizing a development framework, which could include publishing multiple RFPs being published in the fall.
Source: https://biztimes.com/private-sector-could-be-hesitant-to-redevelop-former-northridge-site-in-milwaukee-consultant-says