Who Will Build Next Downtown Tower?
Choice parcel of land now on the market. Who will buy and build there?
The parcel is adjacent to the forthcoming Couture and until now has been privately pitched to potential developers. Urban Milwaukee’s Jeramey Jannene reported in April that it was created as a result of the Lakefront Gateway project. He also reported that it was being marketed, before public listing, to Johnson Controls as a home for a new office building. And also to Foxconn and Amazon.
The land, valued somewhere between $11 and $12 million, is owned by the state Department of Transportation. As Ryan reported, the site is relatively small in area. But for high-rise building, the site’s placement is quite desirable, and would offer dramatic views of Downtown and the lake.
Johnson Controls first showed interest in 2015, and apparently still isn’t out of the picture, but clearly the city and the DOT are tired of waiting around. They are ready to sell.
E. North Avenue Bounces Back, Again
The E. North Avenue business strip never really died. Sure, it has been shocked by a series of business closures in recent years. But it appears this has been a molting that’s making way for a new creature of the avenue to arrive.
Take Rosati’s Pizza, which has been closed for nearly a year now. That space will become something quite different: Tim Gokhman and New Land Enterprises recently announced they plan to put a food hall in the space. It will be called Crossroads Collective and have six to seven vendors, or “micro-restaurants.”
I think a food hall will blend nicely with the changing aesthetic of E. North Avenue. The strip has always had varying options, but some of its classic fare, specifically, the college bars once frequented by UW-Milwaukee students, have gone the way of the discotheque.
So a food hall with its several offerings should do well on a denser, slightly more refined E. North Avenue. And with a bar in the spot, it should fill a gap left by some of the street’s casualties.
See, eating and drinking never went out of style on North Avenue. It was just the cheap bar food and all-you-can-drink wristbands that did.
Nothing exemplifies this change better than The Eastsider, which was sold in 2017 and is becoming an upscale “cocktail bar.” Many remember it as a college dive that smelled like pee after 8 p.m. and was famous for its massive blue, sugary fish bowls. Now it’s a tad more refined, going with the new mood of the avenue.
MKE Brewing Building For Sale
The Milwaukee Brewing building on S. 2nd Street is for sale, as Michael Horne reported for Urban Milwaukee. But industry insiders are skeptical that another local brewery could move in any time soon, he wrote.
The space is more than 13,000 square feet with a hefty $3.1 million price tag. Horne reported that the current assessment is only $723,000, writing, “Perhaps the brewing equipment, the epoxy-coated floors and the ‘tap room’ would justify the additional $2 million or so for a brewer who is ready to occupy a facility capable of producing 15,000 barrels of beer annually.”
James McCabe, founder and co-owner of the brewery, told Urban Milwaukee he’s received some interest from potential buyers. But the industry insiders Horne talked to said that servicing over $3 million in debt on 15,000 barrels a year could be very difficult to do.
In Other News:
-The fire at Trinity Church has caused an estimated $17 million in damage.
-The Bucks Arena is almost finished. See the photos.
If you think stories like this are important, become a member of Urban Milwaukee and help support real independent journalism. Plus you get some cool added benefits, all detailed here.