Published on : Saturday, April 8, 2017
This site was previously owned by Sears, in the Brookfield Square Mall parking lot. Apart from this, Chattanooga, the Tennessee-based CBL & Associated Properties Inc., the owner of Brookfield Square is busy developing plans to transform the Sears store space at the mall into a 40,000-square-foot entertainment center space as well as a 45,000-square-foot movie theater.
Plans are underway for the 34.6 acres of land that was formerly owned by Sears.
This was demonstrated during a session on Thursday at the Commercial Real Estate Wisconsin (CARW) ICSC retail conference. There are also a few plans for four new buildings between 5,000 and 8,000 square feet. Two of the buildings have been labeled ‘restaurant’.
The manager of Brookfield Square named Scott Oleson mentioned that the tenants of the building and the operator of the movie theater and entertainment centre are yet to be chosen.
In January, CBL & Associates had purchased five Sears properties and this includes the Brookfield Square location and two Seats Auto Centers.
Sears has struggled for many years and its parent company, Sear Holdings is closing 78 Kmart stores and also 26 Sears stores this spring season. The Sears store at Brookfield Square is among the three anchors of the mall. It is located at the south end of the mall and it is 224,066 square feet on two levels.
The Sears Auto Centre at the Brookfield Square is present on an outlot where the conference centre is presently planned, as per the documents shows on the CARW conference.
If plans are to be believed, the hotel and conference centre would have 600 parking spaces.
The Brookfield Public Works Committee would be reviewing its plans for the hotel and the conference center site on 11th April before it goes to the full Common Council on 18th April, according to the community director of Brookfield, Dan Ertl.
The conference centre would be financed by the city with a 25-year bond that would be repaid by revenue generated by the hotel room tax of Brookfield. On the other hand, plans are on to build new restaurants and shops in front of Boston Store.