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Eyes on Milwaukee: Herzing Returns To Downtown
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Plankinton Arcade building in downtown Milwaukee getting 72 more apartments
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River Bank Plaza will get redeveloped. By Jeramey Jannene - May 12th, 2021 03:01 pm //end headline wrapper ?>River Bank Plaza. Photo by Jeramey Jannene.
Another aging downtown office building will find new life as housing.
A company called 3L Real Estate will convert the eight-story River Bank Plaza building, 740-744 N. Plankinton Ave., into the RiverWalk Lofts.
The plan calls for more than 130 apartments including studio, one, two and three-bedroom layouts. The three-bedroom units would have a “rooftop duplex” layout according to a press release from the Rosemont, IL-based real estate firm.
Constructed is expected to begin in 2022 and be completed in 2023.
Mason St Ventures acquired the property from Sentinel Suites LLC, an Illinois-based investment group led by
Doug Young. The Illinois firm paid Milwaukee investor
Max Dermond $1.53 million in 2018 for the property. It was billed as 50% vacant at the time.
Now it’s 70% vacant.
Alex Zank, would turn the building into apartments.
“It’s a really cool building, a lot of history behind it, and it’s in a prime location right downtown,” Gollatz told Zank. “You don’t see many buildings like that come up for sale at a semi-affordable price point.” The property is assessed for $1.58 million.
The conversion could result in 30 apartments in the 30,848-square-foot building. Gollatz said his group is now talking with architects and contractors.
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