Bon-Ton Stores, Inc. announced today that it reached an agreement with the City of Milwaukee to extend the lease for its Boston Store location in The Shops of Grand Avenue.
The extension is contingent upon the city providing financial contributions from its Downtown Tax Increment Financing district.
Both Boston Store and Bon-Ton’s corporate offices, which are located above Boston Store, will expire Jan. 31, 2018 under the new lease. Without the extension, the lease will end on Jan. 31, 2015.
These financial arrangements require public review and City Council approval which should be completed by April 2.
"This agreement says a lot about both the history and the future of this part of Wisconsin Avenue," says Rocky Marcoux, the City's Commissioner of Development. "It maintains a long-standing and valued retailer at this location, and it sends a message to other developers and investors that this neighborhood offers great opportunity moving forward."