Future Plans for Marshfield Mall Indicate New Tenants
MARSHFIELD, WI (OnFocus) – Longtime tenants at Marshfield Mall have been given short notice to vacate or relocate as redevelopment plans begin to take shape.
What We Know:
- In May 2022, Midland Management proposed a mall redevelopment plan to the City of Marshfield
- Several Closed Session meetings indicate potential funding for redevelopment
- The property developer recently sent notice to tenants, resulting in store closures
- Plans have been drafted to tear down the food court and build a strip mall with exterior entrances for 3 new retailers.
In May, Ned Brickman, president of Midland Management told Marshfield Common Council his company’s plans for the future of the mall. During this presentation, he noted that the plan was to replace small interior stores with big box retail and provide spaces for the current tenants to relocate to a different part of the mall.
“When we’re done, this will be a brand new shopping experience,” he said.
According to Brickman’s presentation, corporate commitments have been secured for most of the new spaces – pending financing. Tax Incremental Finance (TIF) is a financing option that allows a municipality (city, village or town) to fund infrastructure and other improvements, through property tax revenue of newly developed property.
A municipality identifies an area, the tax incremental district (TID), as appropriate for a certain type of development. The municipality identifies projects to encourage and facilitate the desired development. Then as property values rise, the municipality uses the property tax paid on that development to pay for the projects. After the project costs are paid, the municipality closes the TID.
The mall is located in a TID district and therefore funding is possible. Given the current uncertainty surrounding City finances, however, it is unclear yet if the City will ask taxpayers to support the project.
Marshfield’s Claire’s store located in Marshfield Mall is scheduled to close August 20 and Bath & Body Works has already left. With little notice given, store owners were not able to secure new locations. No official confirmation has been given yet on whether Bath & Body has a new location.
Recent plans shared with OnFocus indicate that the center area (that contains the food court, for example) will be replaced with at least three big box retailers, including Hobby Lobby, Ross Dress for Less, and 5Below.
This is a developing story. The City and development group have not yet returned requests for comment, but those will be added when received.
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Author: News Desk
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