MILWAUKEE – The decades-long saga of the Northridge Mall property gained yet another new twist on Wednesday December 13. The crumbling former mall is up for sale by its China-based owner Black Spruce Enterprises.
Metropolitan Milwaukee Association of Commerce President Tim Sheehy joined Wisconsin’s Afternoon News. He said that the pressure is on Black Spruce to get the sale done.
“They have an interest in selling it and getting some money out of it,” Sheehy said.
According to reporting from the Milwaukee Journal Sentinel, the Northridge property is accepting bids with the asking price set for $2 million. Coldwell Banker Commercial Real Estate is the sale agent, with offers due by this Friday, December 15.
The property remains in a drawn-out legal battle with the city of Milwaukee, which has been trying to enforce a raze order for the immediate demolition of the buildings. The case is currently in the Wisconsin Court of Appeals, and Milwaukee Mayor Cavalier Johnson has said that no work on the site will begin until the case is wrapped up.
Sheehy said that court case is a factor for potential buyers.
“It’s not only the sales price of $2 million, but if you buy it for $2 million, you also have $2 million in past property taxes and other judgements you’ve got to clean up,” he said.
The city of Milwaukee recently received a $15 million grant of American Rescue Plan Act funds through the state in order to demolish and redevelop the Northridge site. Sheehy said that’s the best-case scenario, and offered some insight on what the property could be used for.
“The hope going forward is you can demolish the whole thing and turn it either into a distribution center or a manufacturing space and take advantage of the property.”
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