York, Pa. – The Bon-Ton Stores, Inc. has reached an agreement with the city of Milwaukee to extend the lease for its Boston Store location in The Shops of Grand Avenue, Milwaukee, contingent upon the city providing financial contributions from its downtown Tax Increment Financing district.
This extended store lease term would coincide with the extended lease term for the company’s corporate offices located above the Boston Store with both leases expiring Jan. 31, 2018. These financial arrangements require public review and City Council approval, which should be completed by April 2, 2014. In the absence of this financial support, the Boston Store lease will expire Jan. 31, 2015.
“This agreement says a lot about both the history and the future of this part of Wisconsin Avenue,” Rocky Marcoux, the City’s Commissioner of Development said. “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.”