The Business Journal of Milwaukee: Rehab projects going strong - Recycling of buildings shows no signs of slowing
Despite what you read about in the newspaper regarding the housing market, developers are still actively pursuing renovation projects in and around downtown Milwaukee.
Real estate developers agree that the advantages of renovating existing buildings outweigh those of constructing buildings from scratch.
The economic benefits include receiving historic tax credits from the municipality as well as working with existing infrastructure – which is cheaper than laying new foundation.
Real estate developers are focusing on an area referred to as the “Fifth Ward.”
This geographic area is located just south of the Milwaukee River, across from the Historic Third Ward.
In Walker’s Point, more than a dozen existing, vacant warehouses are beginning to show signs of life.
Here’s a sample of current projects in the “Fifth Ward”:
Lighthouse Development Company (“Lighthouse”) is renovating the former Transpak Corporation site which is located at 235 East Pittsburgh Street.
According to Pete Millard, writer for The Business Journal of Milwaukee, South Water Works, the name of this development, is one of the most ambitious renovation projects ever undertaken in Milwaukee.
Upon completion, South Water Works will cost an estimated $125 million.
South Water Works sits on one city block (approximately six acres).
Four existing buildings and at least one newly-constructed building will feature retail space, office space, and apartment units.
On the corner of West St. Paul Avenue and North Plankinton Street, Sunset Investors LLC (“Sunset”) is renovating the 261,000-square-foor Pritzlaff Building.
Once completed, Pritzlaff will feature retail space, office space, and apartment units.
Other notable renovations in the downtown area include Mitchell, Loyalty, and Mackie Building and the Federal Courthouse.
My Thoughts
The real estate market in the downtown continues to show signs of life.
Having lived in a late-1800’s warehouse building for the past six years, I appreciate the craftsmanship and character of the building.
We have many historical buildings that are underutilized which could be home to businesses and homeowners.
I’m hoping that real estate developers will continue to see the value these historic warehouses offer to potential tenants.
Millard describes these current renovation developments in greater detail in his article titled “Rehab projects going strong - Recycling of buildings shows no signs of slowing.”
Click here to read more about these developments>>>-----
Labels: Real Estate
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