New owner to convert office building on downtown Milwaukee’s west … – Milwaukee Journal Sentinel

An office building on downtown's W. Wisconsin Ave. will be converted into nearly 150 apartments.(Photo: CommercialSearch.com)

An underused office building on downtown's west side will be converted into nearly 150 apartments, the latest in a series of similar nearby projects.

The 12-story building, at 735 W. Wisconsin Ave., has been sold toRosemont, Ill.-based 3L Real Estate, the firm announced Friday.

3L is ready to begin a $15 million conversion of the 110,00-square-foot building into144 one-bedroom and studio apartments, the firm said. Monthly rents are expected to start at $900.

The735 West buildingsproximity to MarquetteUniversity, the future Milwaukee Bucks arena,restaurants and other attractions "render it perfect for conversion to residential use, said Joe Slezak, 3L chief executive officer.

At the same time, we are confident that the building will benefit the surrounding neighborhood," Slezak saidin a statement.

The building was sold for an undisclosed price by Zilber Ltd.

Its commercial tenants include Wells Fargo Bank, which will remain in the building's street-level retail space, according to 3L.

Construction is set to begin this summer with the project completed in summer 2018.First Midwest Bank will be providing aconstruction loan for the project.

Building amenities will include bike storage, free internet, condostyle apartment finishes anda fitness center.

735 West is the latest in a series of commercialbuildings on or near W. Wisconsin Ave. converted to apartments over the past two years.

The largest project, the $31 million conversion of a long-vacant 11-story office building, 401 W. Michigan St., intoThe Buckler, with 207 high-end apartments, was completed in February 2016.

Other projects include the conversion of the historicGermania Building,135 W. Wells St., into 46 market-rate and 44 affordable apartments. That $14.1 million project will be completed in July.

Also,the 49-unit700 Lofts, 700 W. Michigan St., and the 105-unitMKE Lofts Downtown, 152 W. Wisconsin Ave., both opened in 2015.

Meanwhile,the new owners of the Grand Avenue mall are pursuing redevelopment plans that include converting that property's Plankinton Arcade, on W. Wisconsin Ave.between N. 2nd St. and N. Plankinton Ave.,into 50 apartments.

3L's investment comes amid an unprecedented downtown building boom. Itoccurs even as other apartment developers are delaying their plans because of concerns about a possible surplus of new units.

Tom Daykin can be reached at tdaykin@jrn.com

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