Big change for distinctive Riverwest building. Plus: A busy week of real estate news. By Jeramey Jannene - Apr 25th, 2021 12:13 pm //end headline wrapper ?>Cream City Hostel in 2019, 500 E. Center St. Photo by Jeramey Jannene.
There is new life for the former bank building at 500 E. Center St., but not as a hostel.
Cream City Hostel, which opened in 2019, fell victim to the global travel downturn triggered by the COVID-19 pandemic.
RiverBee LLC, which owns the property, pivoted to seeking a new tenant in 2020. The investment group owns many of the fixtures, including the beds, in addition to the property.
Cream City Hostel switching to cooperative housing
Building owners receiving loan from Bader Philanthropies
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Last updated on December 10th, 2020 at 01:44 pm
Cream City Hostel, Milwaukee’s first hostel, will now become the city’s first housing cooperative.
The building at 500 E. Center St., on the edge of the Harambee and Riverwest neighborhoods, will begin its transformation in January to a housing co-op, building ownership group RiverBee LLC announced today.
The building is expected to reopen in the spring or summer.
The cooperative tenant housing model offers an intentional living community that supports people dealing with losses and uncertainty such as jobs, instability and landlord issues, according to a news release.