The city will considered a purchase and redevelopment of former Marktplatz Mall.

NEW ULM — A deal could be in the works for the sale and redevelopment of the Marktplatz Mall.

The City of New Ulm has been in discussion with EBMD, a limited liability company interested in acquiring the center parcel of the former mall property. This property was forfeited to Brown County for nonpayment of taxes. Brown County has agreed to a sale price and could sell the property to New Ulm and then the city could pass the title to the buyer.

EBMD’s current plan for the property is additional housing and retail.

According to the city council agenda, the center portion of the Marktplatz Mall is deteriorating and the value of the property is expected to decrease. At this time, there is only one party interested in moving forward with redevelopment.

During Tuesday’s city council meeting, the council will enter a closed session to consider the potential purchase and sale of the center portion of the Marktplatz Mall.