Royal Capital Group announced the acquisition of the former Gimbels and Schuster’s department store building at 2153 N. Dr. Martin Luther King Jr. Drive in Milwaukee's Halyard Park neighborhood, marking a milestone in the $100 million redevelopment of the building.
Milwaukee-based Royal Capital is working with the Greater Milwaukee Foundation and the Medical College of Wisconsin to turn the 455,000-square-foot building into offices, early-childhood educational programming, health and wellness space and affordable apartments. The team will also build a new 300-plus stall parking structure.
“We are incredibly proud to announce this acquisition and critical milestone,” Kevin Newell, president and chief executive officer of Royal Capital, said in a statement. “But even more important than the purchase of such a beautiful and historic building is the significance of place and the over $100 million reinvestment along the King Drive corridor that we are committing to. Not only is this investment rewarding to me personally, but I am confident this unique model will serve as an inspiration and a source of pride for our local community and like-minded communities across the nation.”
The redeveloped building will serve as the headquarters of the ThriveOn Collaboration, a partnership comprised of the three project partners, according to a news release. The collaboration will aim to make Milwaukee a more equitable, healthy and thriving community for all. GMF will move its offices and MCW will move its community-engagement programs into the building.
“Already on board as an anchor tenant of this project, the foundation is extending its commitment to the collaboration through a $10 million impact investment to ensure this world class redevelopment proceeds as planned," Ken Robertson, GMF executive vice president, chief operating officer and chief financial officer, said in a statement. "This significant brick-and-mortar investment speaks to the depth of the foundation’s commitment to the people of Halyard Park, Harambee, and Brewers Hill, as we support access to opportunity and racial equity throughout Milwaukee."
Now that the building has changed ownership, construction is slated to begin in February with an anticipated opening of spring 2022.
“One of the missions of the Medical College of Wisconsin is to improve the health of the communities we serve,” Gregory Wesley, senior vice president of strategic alliances and business development at MCW, said in a statement. “Being a partner in the ThriveOn Collaboration helps us achieve this vital mission, as we intend to invest in access to health and wellness facilities, healthy food options, and preventative health services in the area. This development will address ThriveOn Collaboration’s five priority areas: early childhood education, health and wellness, social cohesion, housing, and economic opportunity. We commend RCG for this purchase and look forward to our continued partnership.”
