The city of Manitowoc has purchased three parcels of the former Lakeshore and Mid-Cities Mall property.
The city has been working on doing something with the property that’s been vacant for many years.
Mayor Justin Nickels says both the city and the owner had appraisals done on the property before beginning negotiations.
“We agreed to a purchase price,” he said. “We should close on the property by maybe the end of the week but by the end of the month for sure.”
The closing cost on the property is $5.3 million.
The old Younkers Mall would be demolished, and the parking lot and other concrete would be ripped up and seeded for development.
Nickels also says Manitowoc Public Utilities is a part of the development.
“Part of MPU’s strategic goals is really community,” he stated. “And how they can help the city grow because obviously, it’s a benefit to them. But it’s something that we have that not many municipalities have to work with their local utility.”
He says he can’t say what the future of the property holds, but this is a huge step forward to getting something developed.
This project has been worked on for the last 15 years.
