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Near West Side Partners moving forward with purchase of city-owned properties

Monday, February 5, 2018   (0 Comments)
BizTimes

Corrinne Hess

 

 

Near West Side Partners will purchase two parcels owned by the city of Milwaukee on the block southwest of North 27th Street and West Wisconsin Avenue, for future development, for $40,000.

The price was settled on after coming to an agreement with city officials. Alderman Robert Bauman, who represents the district the property is in, wanted to charge $83,200 – the value of the land. Milwaukee Mayor Tom Barrett’s administration was proposing selling the parcels, at 2719 W. Wisconsin Ave. and 625 N. 27th St. for $1.

"We appreciate the City of Milwaukee’s partnership on this effort – and especially Ald. Bauman’s support of our work on the block,” said Keith Stanley, executive director of Near West Side Partners, Inc. "We are pleased to have reached an agreement with Ald. Bauman and DCD that will enable us to move forward with the purchase of the city-owned parcels and position us to bring a significant, catalytic development to the Near West Side.”

An agreement was reportedly reached late last week. The Common Council will vote on the sale Tuesday.

The southwest block of North 27th Street and Wisconsin Avenue is one of the most important sites in the Near West Side,” Stanley said.

"NWSP will be actively marketing the block to help attract a transformational new development to Wisconsin Avenue that would bring new jobs for area residents and new customers for our commercial corridors.”

NWSP has been working to acquire properties and improve the block. In the fall, the group received a $350,000 loan from the Milwaukee Economic Development Corp. to buy the building at 2725 W. Wisconsin Ave. Last year the former 27th Street Tobacco and Wireless store at 848 N. 27th St., closed and NWSP is currently helping the Penfield Children’s Center acquire the building.

The southwest block of North 27th Street and Wisconsin Avenue is one of four priority sites identified in the City of Milwaukee’s 27th Street Corridor Strategy that was recently adopted.

Milwaukee developer Rick Wiegand, who owns the nearby Ambassador Hotel, is working on another redevelopment project in the neighborhood.

He purchased the three-building City Campus complex south of West Wells Street, between North 27th and North 28th streets for $272,000 from Milwaukee County in January 2016. He is currently renovating the building and in discussions with FaB Wisconsin, which wants to establish a center of excellence there.

Wiegand is also in the process of purchasing the former Wisconsin Avenue School at 2708 W. Wisconsin Ave. and will turn it into a 23-room extended stay hotel.


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