A building in downtown Milwaukee that could be a major development site has been sold to Chicago-area investors.
The 38,193-square-foot building, which sits on similar-sized land at 606 E. Juneau Ave., was sold to Woodlawn Corner LLC, of ââMokena, Illinois, and Mbogo Properties LLC, of ââHomer Glen, Illinois, for $ 3,735,000.
This is according to the newly filed state real estate records.
The building was sold by Diane Building Corp., a subsidiary of Marcus Investments LLC, and is leased to the US Postal Service.
Woodlawn Corner is affiliated with Location Finders International Inc., which operates office and retail buildings in the Chicago area and other locations.
Location Finders has no imminent plans to redevelop the property in downtown Milwaukee, said Dan Rose, director of the company.
However, that could change when the Postal Service’s lease expires later in this decade, he said.
âWe are keeping our options open going forward,â Rose told the Milwaukee Journal Sentinel.
The downtown Milwaukee building adjoins the site of the future Nova Apartments, which New Land Enterprises LLC is developing at 1237 N. Van Buren St.
The nine-story, 251-unit Nova is an L-shaped building that will surround the postal service facility. Construction is due to begin this summer, with the Common Council on July 27 approving a minor design change for Nova.
Nova received board zoning approval in March, but not before Marcus Investments chief executive David Marcus raised concerns about the project.
In a letter to the Planning Commission, Marcus asked city officials to delay the application of zoning approval “for a short time in order to better understand the impact on our property and to ensure that the development potential of the entire block is maximized â.
Marcus cited what he called “the minimum distance between the proposed building and our property”.
In response, New Land chief executive Tim Gokhman said his company had repeatedly tried for seven months to get Marcus’ advice.
“We have not received any feedback other than this request to the Commission for a last minute delay,” Gokhman wrote in a letter.
The commission unanimously recommended zoning approval for Nova, which received council approval in a 15-0 vote.
The Postal Service building is listed in the Architecture and History Inventory of the Wisconsin Historical Society.
It was built in 1973 with elements of the Brutalist architectural style, according to the company.