Mixed-Use Development Proposed for Third Ward
Parking lot at Water and St. Paul would be location, but with how big of a building?
A global real estate firm with a presence in 240 cities is proposing to redevelop a surface parking lot at a key Milwaukee intersection.
The proposal, for which additional details are scant, will be discussed at Wednesday’s architectural review board meeting.
Conceptual plans from 2017 called for a 20-to-30-story tower with a hotel and apartments on the 0.79-acre site. It was acquired that year for $5.6 million by an affiliate of the same group developing The Avenue, including Interstate Parking. The property is currently assessed for $3.4 million.
Hines is familiar with the Milwaukee market. It served as development manager on Northwestern Mutual Tower and Commons and the insurance company’s 7Seventy7, the 35-story, $100-million luxury apartment tower.
Should the new proposal be similar in scale to what was proposed in 2017, it could form a set of bookends for the neighborhood, with the other end being the proposed, 11-story Marriott boutique hotel at 125-129 N. Water St, which would be built on a partially vacant site at the south end of the neighborhood.
Hines’ website says that the company has 181 developments currently underway and has redeveloped or acquired 485 million square feet of real estate. It currently owns 622 properties totaling 256 million square feet as part of a $160.9 billion portfolio of assets under management.
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