Washington Square Mall
1998Year Acquired |
102,000 SFCommercial Space |
SoldStatus |
General Capital Transformed Washington Square Mall from a Contaminated Eyesore into a Community Focal Point
Built in 1979, Washington Square Mall was once the hub of Germantown’s commercial activity. But, by the early 1990s, poor management and major vacancies resulted in a blighted site. To make matters worse, PCE, a dry cleaning solvent, was spilled and contaminated the property. In 1996, working with Kohl’s food stores, General Capital put the property under contract in and began planning a clean up and revitalization.
The Village generously provided tax incremental financing to fund removal of over 3,100 tons of PCE-contaminated soil and 60,000 gallons of contaminated groundwater.
With 102,000 square feet of new retail space, the new Washington Square significantly increased tax base for the Village and continues to serve the neighborhood.
General Capital sold the center several years ago, which is now anchored by Sendik’s.
Note: General Capital has significant experience with environmental situations. Our team has a proven track record of navigating the remediation and financing process.
For more information, please call Michael Weiss at 414-228-3505
KEY THEMES
- Complex brownfield redevelopment transformed a blighted and environmentally contaminated shopping center into a renewed community retail destination
- Public-private partnership with the Village of Germantown leveraged tax incremental financing to overcome significant environmental remediation challenges
- Strategic redevelopment restored a historically important commercial site while creating new retail space and strengthening the Village's tax base
- Environmental expertise enabled the project team to navigate PCE contamination, remediation requirements, financing, and redevelopment simultaneously
- Long-term repositioning returned an underperforming property to productive commercial use and established a renewed focal point for the surrounding community
RESULTS
- Successfully redeveloped Washington Square Mall into approximately 102,000 SF of new retail space, with 1998 as the strongest supported redevelopment year
- Secured tax incremental financing from the Village of Germantown to support remediation and redevelopment
- Removed more than 3,100 tons of PCE-contaminated soil and addressed approximately 60,000 gallons of contaminated groundwater
- Significantly increased the Village's commercial tax base while returning a blighted property to productive neighborhood-serving use
- Completed and ultimately sold the revitalized shopping center, which continued operating as a community retail destination under subsequent ownership
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