Developer Buys Large Site Near Airport
Property once housed Milwaukee's second-largest hotel.
WallyPark, 4747 S. Howell Ave., in 2023. Photo by Jeramey Jannene.
A large, vacant site near Milwaukee Mitchell International Airport has a new owner.
A limited liability company affiliated with real estate developer and restaurateur Johnny Vassallo acquired the former WallyPark property, 4747 S. Howell Ave., for $2.1 million, according to state real estate transfer records.
Vassallo’s Kosmos Merit LLC purchased the site from a limited liability company affiliated with the California-based airport parking provider.
WallyPark opened its Milwaukee facility in 2014 on the 15.74-acre site. It operated 1,200 surface parking spaces and a shuttle service until its closure in February 2021, amid a pandemic-induced slowdown in air travel. The company filed initial paperwork to reopen the operation in 2023, but never followed through.
The property once housed Milwaukee’s second-largest hotel.
The six-story hotel structure is still standing in the middle of the property, but the sprawling conference center that stretched towards S. Howell Ave. was demolished as were a series of other attached, two-story buildings
Built in 1960, the hotel was expanded and rebranded in phases. At its peak, it had 508 rooms. It last operated as a Wyndham brand hotel.
Vassallo has not publicly commented on what he plans to do with the property and did not immediately respond to a request for comment.
The property offers access to both S. Howell Avenue and W. Layton Avenue.
It was sold at a discount of its assessed value, which has fallen from $7.5 million when the business closed to $5 million currently.
As part of an agreement with city officials, WallyPark’s parking lots were deliberately set back from S. Howell Avenue to allow development.
Vassallo, long known for his Mo’s chain of businesses, has increasingly pivoted to real estate investing. He is a partner with the Klein family in the redevelopment of the 35-story 100 East office tower into apartments and with Cobalt Partners on a 357-unit development in Wauwatosa.
He is also partnering with members of the Klein family on a planned redevelopment of former industrial properties on S. 5th Street in Walker’s Point. In July, Vassallo said those plans were still in the early stages.
Vassallo is also an active investor in Texas and owns a scooter company.
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