A downtown office building overlooking the Milwaukee River has been sold to a Chicago-area firm that plans to convert it into over 130 apartments.
The eight-story, 82,000-square-foot River Bank Plaza, 740 N. Plankinton Ave., has been acquired by 3L Real Estate, the firm announced. The purchase price was $5.8 million, according to state real estate records.
3L will convert the building into RiverWalk Lofts, a mixed-use residential development featuring amenities such as a rooftop deck and boat slips.
Rock Bottom Brewery will continue to occupy the building s street level. It opened in 1997 and will operate during the renovations on the upper floors.
While the unit mix is still being finalized, RiverWalk Lofts is expected to have over 130 apartments, ranging from studios to three-bedroom units.