Developer Plans To Save Long-Vacant Building
Jason Waters has big plans to overhaul Near West Side building.
2627-2631 W. State St. Rendering by Quorum Architects.
A state grant would advance the redevelopment of a long-vacant four-story building on Milwaukee’s Near West Side.
Developer Jason Waters, through his Watersview Investments Group, is pursuing redevelopment of the building, 2627-2631 W. State St., into six apartments and two first-floor commercial spaces. Plans call for marketing the commercial space to tenants interested in starting a cafe or opening a fitness training operation.
First built in 1913, the 10,064-square-foot building has been vacant for more than 20 years. But Waters is proposing a $1.1 million investment to renovate the property.
According to a pending resolution, Milwaukee County would serve as a sponsor for Waters to receive a $250,000 grant from the Wisconsin Economic Development Corporation (WEC). The county would not provide or serve as a pass-through for any of the funding. Watersview would be required to provide a 75% match to access the grant.
Waters acquired the property in 2020 for $45,000 according to city assessment records. It is currently valued at $168,700.
It’s one of several projects advancing in the N. 27th Street corridor. Across the street, the New State Theater project involves rehabilitating a historic theater into an all-ages venue. A restaurant is planned to open first in the building next to it. To the south at W. Wells Street, developer Rick Wiegand is developing the Concordia 27 mixed-use complex from two attached buildings. Another block to the south, the State of Wisconsin is planning a new state office building. In September, Buffalo Boss opened a new restaurant south of W. Wisconsin Avenue. Near West Side Partners is supporting each of the projects.
Waters is a 2019 graduate of the Associates in Commercial Real Estate (ACRE) program. LISC Milwaukee, which is involved in the ACRE program, awarded a grant to the State Street project through its Brew City Match program.
The City of Milwaukee is expected to provide matching grants to help develop the first floor commercial spaces of Waters’ building through its White Box Grant and Facade Grant programs.
In 2022, the Housing Authority of the City of Milwaukee awarded the project four vouchers to subsidize tenant rents. The federal vouchers are assigned to specific units and cover approximately 70% of a qualifying tenant’s rent in a privately-owned building.
The building currently is configured with eight apartments, but Waters would reconfigure the layout to have four three-bedroom units of approximately 1,100 square feet and two two-bedroom apartments of approximately 1,000 each.
A project proposal attached to the county resolution says that GSI General would serve as the general contractor on the project. Quorum Architects is leading the design work.
A report from county economic development director Celia Benton says that Waters anticipates starting renovation this year or in early 2024 and completing the project in the middle of 2024.
The WEDC Community Development Investment Grant program has previously been used to support the Sherman Phoenix Marketplace, Welford Sanders Historic Lofts and The Community Within The Corridor.
UPDATE: An earlier version of this article incorrectly identified the period in 2024 when construction might start.
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Related Legislation: File 23-999
?? … “A report from county economic development director Celia Benton says that Waters anticipates starting renovation this year or in late 2024 and completing the project in the middle of 2024.”… ??