Alderman Joe Moore tells FOX 11, Schmitt has three alternate options for the Larsen Green site on North Broadway.
One is for a mix of residential buildings, another is for mixed commercial buildings, and the other is for a year-round, multi-use sports complex.
On Monday, the city's plan commission voted against Walmart's request to rezone the property.
The city council could still approve it. It is expected to vote next week.
In the past, the mayor has been against Walmart's proposal.
Schmitt will offer the alternatives Thursday at 1 p.m.