Third Ward office building proposed: Five-story, 168,000 SF building brings yet more activity to the area
MILWAUKEE – Investors are betting there is a market for a new Class A Third Ward office building with giant 35,000 square foot floor plates, Aaron Ebent of Kahler Slater told members of the Business Improvement District No.2 Architectural Review Board today.
Accordingly, Irgens has secured an agreement to buy two adjoining properties at 143 N. Milwaukee and 310 E. Erie streets to develop a five-story commercial and retail building with a total of 168,000 square feet of rentable space on an irregularly shaped lot across from Catalano Square. If the developer can secure enough pre-lease agreements to score a construction loan, construction could start this spring and be ready within a year.
The lots together total 35,185 square feet. The 310 E. Erie St. property, now a 20,724-square-foot surface parking lot, is valued at $732,000, of which $731,000 is the land [$35 / s.f.] and $1,000 is the assessed valuation of the improvements. The 143 N. Milwaukee St. property is 14,694 square feet and is valued at $436,800, or $30 per square foot. It includes buildings of undetermined size, and one and two stories height, valued at $85,200. The total assessed valuation of the proposed development today is $1,254,000. The owner is Babcock Automobile Spring Co., which has been in business since 1916. A third property on the block is not part of the development.
The full story can be read in Urban Milwaukee at http://urbanmilwaukee.com/2016/03/23/plenty-of-horne-third-ward-office-building-proposed/