New Business Poised To Replace Omega Restaurant
Greek diner's days appear to be numbered, with demolition planned.
Omega restaurant. Image from Google Maps.
A well-known southside restaurant could soon be no more.
A series of building permits and a zoning change request indicate that Omega restaurant, 3473 S. 27th St., would be replaced by a new branch for Bank of America.
The Charlotte-based bank, the nation’s second-largest, is quickly building out a network of branches in the Milwaukee area. The 27th Street branch would be its fourth in the city proper and seventh in the Milwaukee area.
The restaurant building is part of a larger property, Southgate Marketplace, owned by Fox Point-based Midland Management. Multiple outlot buildings are located on the 4.6-acre site.
Omega, a Greek restaurant that was once open 24 hours, has operated at the southeast corner of the site for several decades.
Building permits indicate the restaurant would be demolished, clearing space for a 3,500-square-foot building. The new building would cost at least $4 million, according to a permit request.
“The project remains in the planning stages, and we are continuing to work through the required zoning, permitting, and approval processes before any development decisions can be finalized,” said a bank spokesperson. “At this stage, we do not have additional information to share regarding timing, construction plans, or operational details.”
Debbie Koutromanos, who co-owns Omega with her husband Gus and serves as its registered agent, did not respond to a request for comment.
The property is subject to a detailed planned development zoning designation, which governs its design and uses. An amendment to the zoning regulations is pending before the city to “allow the construction of a new bank in place of an existing restaurant on the subject site.” Expedited approval was requested.
The City Plan Commission would first hear the proposal and make a recommendation to the Common Council.
Bank of America, according to the permit requests, is working with New York-based Milrose Consultants and Chicago-based IA Interior Architects.
A bank spokesperson said that the financial institution expects to open its first three Milwaukee-area branches, including one at 7630 W. Good Hope Rd., as well as suburban branches in Greendale and Oak Creek, in the third quarter of 2026.
Bank of America’s closest branch is currently in northern Illinois.
The bank branch isn’t the first time a Greek diner on the street has been targeted for replacement. In 2023, Chick-fil-A filed initial plans to replace Zebb’s Family Restaurant, located at W. Morgan Avenue, but the development did not move forward.
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