East Side warehouse could be converted into apartments biztimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biztimes.com Daily Mail and Mail on Sunday newspapers.
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.
22 More Apartments for Plankinton Arcade
With another 50 in the pipeline as Grand Avenue Mall continues move toward more residential spaces. By Jeramey Jannene - Feb 15th, 2021 11:26 am //end headline wrapper ?>The Plankinton Arcade building in 2016. Photo by Jeramey Jannene.
A largely-hidden downtown apartment complex will grow in size under a new plan from its owner.
Sunset Investors developed the Plankinton Lofts apartments complex in phases on the third and fifth floors of the Plankinton Arcade building, 161 W. Wisconsin Ave., whose lower floors have long been part of the downtown Grand Avenue mall.
Starting in 2009, Sunset began converting former office space in the seven-story Plankinton building into apartments. Additions were made in 2012 and 2014 bringing the total to 46 units according to documents submitted to the city.