The Overlook on Prospect (Prospect Mall Apartments)

Building Info

Address:
2217 N. Prospect Ave.
Taxkey:
3560284000
Architect:
Miller Architectural Group
Status:
Completed
Assessment:
$2,500,000
Year Built:
1912
Size:
41,915 sq-ft (pre-construction)

The Overlook on Prospect is a mixed-use apartment building with first-floor commercial space. The building was formerly used as a car dealership and later as the Prospect Mall. The adaptive reuse (completed in 2015) added four new floors housing 52 apartments, as well as 52 indoor parking spots and about 10,000 square feet of retail space on the first floor.

The project is being led by Robert Joseph of Joseph Property Development. Joseph is the grandson of George Bockl, who originally converted the building from an auto dealership into a mall. Joseph acquired the property from BoulderVenture, Inc. for $1 million. Construction started in January of 2013.

In April 2015, a sign went up announcing that Yoga Six, a national yoga studio chain, was “coming soon” to the southern retail stall. The northern commercial space has been occupied by a Potbelly’s sandwich shop since 2014. Two spaces are available as of April 2015.

Building History

Before it was converted to the Prospect Mall in 1976, the building housed a car dealership under a number of names (Lake Park Motors, Inc., Bob Black Oldsmobile, Inc., East Side Chevrolet Company, “Bud” Donahue Chevrolet, Schlesigner Chevrolet). The building itself was constructed in 1912. The site previously held the Farwell Ave Barns for the Milwaukee Electrical Railway and Light Company.

The building and parking lot (across Prospect Ave) were acquired in 2004 by BoulderVenture, Inc (Prospect I, LLC) for $2,350,000. The mall was sold in 1977 by developer George Bockl (who built the mall) to First City Resources Corporation (Prospect Mall Partners).

Marcus Corp. operated a three-screen cinema (Prospect Mall Cinema) in the building until June 18th, 2006.

Past Proposals

During the time BoulderVenture, Inc. owned the property (starting in 2004), a number of proposals were floated for the mall. In 2008, the firm attempted submitted a bid to the UWM Real Estate Foundation that was one of three finalists for a new UWM residence hall. The residence hall would have been located on the former mall parking lot.

In 2009, Mercy Housing Lakefront submitted a proposal to win affordable housing tax credits to convert the building to apartments. That project did not receive funding. A similar project was proposed in 2010 by CommonBond Communities, which also did not receive WHEDA affordable housing tax credits.

Learn More

Business Journal Serving Greater Milwaukee – “Developer Joseph Buys Prospect Mall for $1 Million” – Sean Ryan – December 24th, 2012
Milwaukee Journal Sentinel – “Prospect Ave. Apartments Win Approval” – Tom Daykin – October 4th, 2012
Business Journal Serving Greater Milwaukee – “Prospect Mall Redevelopment Includes 52 Apartments” – Sean Ryan – September 6th, 2012
Milwaukee Journal Sentinel – “Apartments, Retail Plan Unveiled for Former Prospect Mall” – Tom Daykin – September 5th, 2012
Business Journal Serving Greater Milwaukee – “Apartments and Renovated Retail Space Considered for Prospect Mall” – Sean Ryan – May 21st, 2012
Milwaukee Journal Sentinel – “Prospect Mall Site Considered for Apartments” – Tom Daykin – May 21st, 2012
OnMilwaukee.com – “A Plan Emerges for Prospect Mall” – November 2nd, 2011
Milwaukee Journal Sentinel – “East Side Apartments Near Columbia St. Mary’s Proposed” – Tom Daykin – March 4th, 2010
Milwaukee Journal Sentinel – “Former Prospect Mall Could Become Apartments” – Tom Daykin – April 7th, 2009
Urban Milwaukee – “UWM Prospect Mall Parking Lot Dorm Renderings” – Jeramey Jannene – September 4th, 2008
Urban Milwaukee – “Prospect Mall UWM Site Meeting – Review” – Jeramey Jannene – September 3rd, 2008
Milwaukee Streets – “The Corpse of Prospect Mall” – Robert Powers – June 7th, 2008
OnMilwaukee.com – “Sunday Sound-Off: What Should Replace Prospect Mall” – Molly Snyder – June 18th, 2006
Milwaukee Journal Sentienl – “Sunday’s Movies Will Be Last for Prospect Mall Cinema” – Tom Daykin – June 15th, 2006
Milwaukee Journal Sentinel – “Investors See Potential in Mall Purchase” – Tom Daykin – March 30th, 2004
Milwaukee Sentinel – “Clavis Theater Plans to Move to Prospect Mall in November” – October 5th, 1988
Milwaukee Sentinel – “Prospect Mall Hit By Foreclosure Suit” – April 18th, 1987
Milwaukee Journal – “Local Firm is Hired to Manage, Boost Image of Prospect Mall” – January 2nd, 1984
Milwaukee Journal – “Prospect Mall Still Finding Itself ” – October 24th, 1978
Milwaukee Journal – “Prospect Mall Sold to Illinois Firm” – December 21st, 1977
Milwaukee Journal – “Prospect Mall Merchants Hopeful” – Joel McNally – November 7th, 1977
Milwaukee Journal – “Move Planned by Schlesinger” – July 19th, 1975
Milwaukee Journal – “Bud Donahue Chevrolet” – Advertisement – March 12th, 1971
Milwaukee Journal – “East Side Chevrolet Company” – Help Wanted – January 18th, 1964
Milwaukee Journal – “Bob Black Oldsmobile” – Advertisement – November 23rd, 1954
Milwaukee Journal – “Lake Park Motors, Inc.” – Advertisement – April 9th, 1937
UWM Digital Sanborn Maps of Milwaukee – “1910, vol. 1, sheet 71” – 1910

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