Wherehouse, Hot Water Bars Selling
New owners will house Boone & Crockett, Gypsy Taco and Pedal Tavern there.
A waterfront property in the Harbor District extending from 748-820 S. Water St. that has held the Wherehouse and Hot Water bars will be sold by Zeelanders, LLC. to a new partnership called Conflux Holdings, LLC. and will house Boone & Crockett, Gypsy Taco and the popular Pedal Tavern and Paddle Tavern along with the Cooperage, a new event venue.
The new ownership group, headed by Derek Collins, will include partners John Revord, Ryan Lloyd, Mitchell Ciohon and Ryan Jaeger, who will band together to operate a “one-stop shop” for their entertainment businesses according to a $500,000 loan application approved by the Milwaukee Economic Development Corporation at its meeting of January 18th.
Revord, who owns Boone & Crockett, says he has outgrown his Bay View space on S. Kinnickinnic Ave., and that the new location will permit expanded operations for his bar. Additional space will be used for events and other activities. Collins and Revord own 30 per cent of the business, with Lloyd holding 15 per cent, and the Ciohon and Jaeger sharing the remaining 25 per cent of the business.
The project, with a total budget of $2,600,000, will include “the purchase and renovation of a mixed-use building located at 820 S. Water Street and the parking lot located at 748 S. Water Street,” according to MEDC documents. The three-story building has 21,000 square feet plus 600 square feet of garage space, with 218 square feet of inner harbor frontage, the document notes. Paul P. Mueller, who turned 70 on January 20th, has owned the building for more than three decades, buying the property for about $30,000 in what was then a desolate and isolated neighborhood.
Revord seemed enthusiastic about the new challenge on Friday, one of the first days of business for The Snack Boys Snack Shop, which he opened at 814 S. 2nd St., just blocks west of the new location for his Boone & Crockett site. He said the partners approached Mueller, who seemed pleased with their plans for the former industrial facility. The easternmost portion of the property includes harbor views for Boone & Crockett. If the decor is to include suspending a tank from the ceiling, this should pose no difficulty, as the building is equipped with an overhead crane system. It will take a couple of months to make the transition, including the purchase of the property, which is currently assessed at $873,000.
The two tavern spaces contain 8,675 square feet of licensed area, with a capacity of 292 people. It is currently licensed as a Night Club, Tavern and Banquet Hall. The Cream City Brick building, which dates to 1885, has 21,254 square feet of area, and sits on a 28,930 square foot lot, which is valued at $10.16 per square foot.
The partners plan to spend $2,100,000 on the purchase of the building, which should take place next month, says Revord. Improvements will total $500,000. The MEDC loan is at 5.25 percent annual interest. The lead financier for the project is the Commerce State Bank.