Plats and Parcels
Investor Buys Signature Downer Ave Properties
Seattle firm acquires much of East Side commercial corridor, including Downer Theatre building.
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Seattle firm acquires much of East Side commercial corridor, including Downer Theatre building. Back to the full article.
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I’m very concerned about the price thee guys paid for this iconic property. Since I moved to Milwaukee in 2004, every proposal I’ve heard about revitalizing this block has failed. Yes, the development of the location for Pizzaman was significant. The preservation of the Downer Theater and Boswell’s books is fabulous. But when you compare the history of this block to the 2600 block North of it, North Ave, Prospect, Farwell, and Brady Street, you have scratch your head and wonder. Is this purchase price lead to a rent increase, more closures, and unattainable plans to fill these empty storefronts?
I am not sure Seattle folks have MKE in mind other than a place to make a pile of dough. This is from their website:
“We cultivate a flexible and nimble culture that enables us to identify and quickly capitalize on unique, opportunistic investments. Individually and as a collective team, the entire Company has a relentless drive to create value for our investors. We embrace an entrepreneurial ethos, disciplined acquisition, and intense property management in our drive to be a best-in-class real estate investment company.” Downer is their only WI property. Other Midwest properties are strip malls. And it seems the rest are strip malls across the country. So maybe they are good at finding occupants for mall type settings? Hopefully these place based buildings will remain.
If the DNC in Milwaukee is diminished or even canceled due to the pandemic, would Milwaukee be eligible to host in 2014? Just speculating and inquiring!