Site of Milwaukee Park East strip apartment project sells for $5 million
Plans for about 200 apartments near the Park East Strip in downtown Milwaukee are selling the development site for $5 million, more than five times its selling price six years ago.
The vacant 1.3-acre lot, at 1333-1339 N. Milwaukee St., was sold to an investment group affiliated with Chicago-based LG Development Group LLC.
This is according to the recently released online state real estate records.
LG Development plans a six-story building with 197 units, according to a building permit application filed in February with the city’s Department of Neighborhood Services.
Known as 1333 North Milwaukee, it will feature 7,670 square feet of retail space, as well as an outdoor pool, multiple amenity spaces and a fitness center, according to the LG Development website. .
LG Development chief executive Brian Goldberg could not immediately be reached for more information on his company’s plans for the hillside site. It stretches between North Milwaukee Street and North Broadway, just south of East Ogden Avenue.
The company has developed apartment and condo projects in Chicago. This will be his first development in Milwaukee.
The Milwaukee site was sold by a group of investors that formerly included Roers Cos., a Minneapolis-area apartment development company,
Subsidiary Roers bought the plot for $950,000 in 2016.
The land was home to the Gugler Lithographic Co. for several decades before that print shop closed.
The old Gugler Building was later used by the Milwaukee Center for Independence, a nonprofit group that provides services for people with disabilities, before moving in 2004 to a new headquarters built at 2020 W. Wells St.
The building was then demolished.
The development site is directly across Ogden Avenue from the strip of project sites created when the old Park East Freeway was demolished in 2003.
Park East developments east of the Milwaukee River include the Milwaukee School of Engineering parking structure and football field and Avenir Apartments.
Park East sites west of the river in recent years have been expanded to include the Fiserv Forum parking structure, 550 Ultra Lofts apartments, the Milwaukee Bucks Training Center, and the Froedtert & Medical College of Wisconsin McKinley Health Center.