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Saks Off 5th, Old Navy, Carter's announced for Mayfair Collection

Land and Space

Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development.

Aug. 12, 2013
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By Tom Daykin of the Journal Sentinel

Aug. 12, 2013 0
Saks Fifth Avenue Off 5th, Old Navy and Carter’s have signed leases for The Mayfair Collection, the shopping center being built at a former warehouse site in Wauwatosa.
 
Saks Off 5th and the other stores will join previously announced tenants Nordstrom Rack, Dick’s Sporting Goods and Ulta Beauty when the shopping center's first phase opens next spring. 
 
Saks Off 5th is a value-priced offshoot of the Saks Fifth Avenue department store chain, and sells clothes and accessories for men, women and children.
 
The chain has 67 stores, and The Mayfair Collection store will be its first in Wisconsin. The closest Saks Off 5th to Milwaukee is in Gurnee, Ill.
 
Old Navy sells clothing for men, women and children, while Carter's focuses on clothing for children, including babies and toddlers. Old Navy operates stores in the Milwaukee area, and Carter's has stores at outlet malls in Pleasant Prairie and Johnson Creek.
 
The new tenants were announced Monday by Chicago-based HSA Commercial Real Estate Inc., which is developing The Mayfair Collection east of Highway 45 and north of W. Burleigh St.
 
In the project's first phase, HSA is demolishing part of a former supermarket warehouse complex, and is creating 270,000 square feet of retail space split between renovated warehouse space and new buildings. Future phases will include stores and restaurants in new buildings, plus offices and apartments.
 
The Mayfair Collection has attracted interest from several other retailers seeking their first locations in suburban Milwaukee, said Timothy Blum, executive vice president and managing director of HSA's retail division.
 
Around 192,000 square feet has been leased, or is close to being leased, said Brenton Schrader, HSA marketing associate.
 
The Wauwatosa Common Council in November approved a proposal to provide up to $8.5 million in city funds to help develop the Mayfair Collection. Those funds will be provided by allowing HSA  to recover the development's property taxes.
 
Once HSA recovers its costs, the Mayfair Collection's property taxes will go to the city, its school district and other local governments. City officials estimate it will take 12 to 14 years to pay off the tax incremental financing district debt.
 
The estimated value of the project's first phase is $46.6 million.
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About Tom Daykin

Tom Daykin covers commercial real estate and development.

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Helpful Links and Resources

Check the Milwaukee Assessor’s Office website, which includes tools to look up property assessments.

Find property assessments for other communities throughout the state at AssessorData.org.

The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.

The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.

The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals

The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.

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The judges said, "Daykin’s aggressive reporting and accessible, explanatory writing make him a must-read for his tight-knit and highly engaged audience."


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