Former Boston Store purchase finished
New owners mull options for mall building’s future
A local development firm has completed its purchase of the former Boston Store at Brookfield Square Mall and is considering a variety of new uses for the property.
An affiliate of Irgens Partners LLC bought the vacant building and its parking lot for $5.6 million.
That’s according to new state real estate records posted online.
The firm in November announced plans to demolish the former department store and replace it with mid-rise office buildings and possible other new uses on the 16-acre site.
However, Irgens Partners now is considering a redevelopment of the existing structure, said Tom Irgens, executive vice president.
“Since it was announced that we were purchasing it, there has been a lot of activity with inquiries from retailers regarding leasing the existing box,” Irgens told the Journal Sentinel.
Irgens said the firm also has received interest from potential users about the possible demolition of the two-story building and its replacement with such uses as offices, a hotel, apartments, a fitness center, entertainment and retail.
“It will come down to what makes sense regarding demand and economics,” he said.
Any such plans would undergo Plan Commission and Common Council review.
The Brookfield Square Boston Store has been vacant since parent company Bon-Ton Stores Inc. was liquidated in 2018.
Irgens Partners bought the building and its parking lot from a Bank of America affiliate, which acquired the property in 2019 through foreclosure.
The sale was completed just days after the Greendale Village Board granted preliminary approval to Barrett Lo Development LLC’s proposal to demolish Southridge Mall’s former Boston Store and replace it with a four-story, 790unit apartment development and around 50,000 square feet of commercial space.