April 14, 2024


Mad about real estate

Modest Milwaukee condominium building established for Downer Ave. and Park Place

A three-unit apartment building badly damaged in a 2019 fire is to be demolished and replace by a similar building with four apartments.

A smaller condominium building that was badly weakened in a 2019 fireplace on Milwaukee’s east side is to be razed and replaced by a new $1 million housing progress.

The three-tale building, which experienced 3 flats, is at 2604 E. Park Position. It is just across Park Location from the historic Downer Avenue Professional District.

The damaged developing would be changed by a 4-unit apartment making below a new proposal. The developer is Seattle-centered Bridge33 Capital LLC, which in April bought quite a few storefronts inside the Downer Avenue Commercial District.

“Due to fire destruction, the present composition could not be preserved,” according to a proposal submitted to the Milwaukee Board of Zoning Appeals by Bridge33 Money.

“In light of price tag and labor inflation, developing a 3 unit replacement is non-inexpensive, consequently our request for 4 models,” mentioned the proposal, which is looking for a variance from the board.

The new apartment building would have a design similar to the building that was damaged.

Bridge33 Funds programs to build a townhouse-fashion condominium developing with a structure identical to the weakened setting up, the proposal claimed.

The business stated “maintaining the spirit, function and intent” of the internet site is essential to the vibrancy of the neighboring organization district.

Bridge33 Capital’s affiliate bought two buildings, at 2608-2650 and 2551-2597 N. Downer Ave., for $11.25 million in April.

The structures whole all-around 61,000 sq. ft.

Their tenants incorporate Starbucks, Boswell Reserve Co., Downer Theatre, Pizza Person restaurant and Henry’s Pub and Grille on the west side of Downer Ave., and Cafe Hollander, Downer Cleaners, Breadsmith, Downer Wine & Spirits and Stone Creek Coffee on the street’s east facet.