Southridge Mall Moves Closer To Foreclosure: Report

Greendale WI

13 December, 2021

11:45 AM

Description

GREENDALE, WI — Simon Property Group, the owner of Southridge Mall on 76th Street in Greendale, reached an agreement with its lender in the core mall's foreclosure case, The Milwaukee Business Journal reported. Court filings showed the mall currently owes $121.3 million and the debt is increasing by thousands per day, the Business Journal report said, and a judge's signature would be required to take the property into a foreclosure auction. Greendale's development counsel, Alan Marcuvitz, told the Business Journal the village is in discussions with relevant parties to see what revitalization efforts can take place. In May, the Greendale Village Board authorized the purchase of the separately owned property that was formerly inhabited by Boston Store after it was designated as blighted in April. In June, the village board further paved a way for revitalization by removing restrictions on the types of developments that could be constructed at the mall. Read the full story about the pending foreclosure agreement from The Milwaukee Business Journal.