Potential buyer for Northridge Mall adds extra security with plans to clean up property
MILWAUKEE (CBS 58) -- We're learning more about the real estate group interested in purchasing the former Northridge Mall site.
Talks of turning the site over to the city for demolition were further delayed earlier this month, when Milwaukee-based Phoenix Investors signed a purchase agreement.
A spokesperson with Phoenix Investors said the company has a history of restoring rundown buildings, and they see value in the 1 million sq. ft. Northridge Mall property.
"They see the building, and the structure of this building, as a property that can continue to exist and it just needs to be revitalized," said Buddy Julius, a consultant with Phoenix Investors.
For the last week, crews with the company have been painting over graffiti and cleaning up the parking lots at the vacant site.
"It's been a dormant property for a very long time, and the only thing that's visited this property in the last decade is vandalism," Julius said.
It's a step in their plan to potentially purchase the massive, rundown site from Black Spruce Enterprises.
"This deal is just in its infancy," Julius said.
The company believes the building could be turned into light industrial space.
"The facility through our structural studies shows it's a very sound facility," Julius said.
The large parking lots could also be used for retail space, or other operations.
Phoenix Investors was tasked with securing the property after years of trespassing, vandalism, and arson.
Last week, they added new fencing, motion sensor cameras, lights, and a 24-hour security detail.
"We've reduced the activity in the area, and we continue to plan to do so," Julius said.
A spokesperson for the City of Milwaukee told CBS 58, they have met with Phoenix Investors, but they still have a lot of unanswered questions and concerns.
The city declined to comment further, due to ongoing litigation.