The next major step for the former Mid Cities and Lakeshore Mall properties has been taken.
Last night, the Manitowoc Common Council approved a new TIF district for the 30-acre property.
Mayor Justin Nickels explains to Seehafer News, “In order for it to be developed and get ready, we obviously had to purchase the land. We’re in the process of the demo and ripping up the parking lot areas. So, there are real costs to the city. And also, an incentive to get a developer to come in here and do it.”
According to city documents, the area has a lot planned, which could include at least 40 residential homes and over 150 multi-family units.
It could also include three commercial projects, which could mean a new restaurant and other businesses.
Tycore Inc., out of Green Bay, would be tasked with the development.
Nickels says the project is an excellent concept.
“The fact that we have a housing problem, we need more homes rebuilt,” he stated. “It’s in a residential area already. We need more multi-family, and we need commercial on that side of town. Really a great mix of everything coming together.”
Other council members were also thrilled with the TIF district.
Alderman Jim Brey called it a great thing for the city, while Alderman Eric Sitkiewitz likes the project for a different reason.
“I think that it’s really important that this was developer-driven and not just a TIF created to see what happens in development, but actually the TIF is filling a need,” he told the council. “So, it’s exciting times.”
The city purchased the Lakeshore Mall property in June after blighting it last year because of its bad shape.
Nickels says this is the last major step of the town.
Now, they are working with contractors and city staff to get the development started.
The estimated cost for the project is about $70 million.
If everything goes correctly, construction could begin by late fall into early winter, with most beginning in Spring 2025.
