The first residents have moved into
333 Water, the 31-story apartment tower nearing completion in Milwaukee's Historic Third Ward neighborhood.
Residents began moving into floors two through nine on Saturday, said
Rikki Miner, associate at Houston-basedÂ
Hines, which is the development firm for 333 Water. A $165 million project, Hines broke ground on the tower in December 2022.
Levels 10 through 21 of the building will open for occupancy on July 23 and Levels 22 through 31, which include penthouse units, will open for occupancy on Aug. 28, though Hines is currently leasing for all units in the building.
Of the building's 333 apartment units, 20 have been leased so far, or about 6%, according to Miner.
By comparison, last month,
when residents started moving into The Couture, the other luxury high rise apartment tower being built in downtown Milwaukee, 23% of the units had been leased.
Hines, which has $94.6 billion in assets under management and 197 projects currently underway worldwide, is anticipating a 16-month lease up period for 333 Water.
When leasing opened for the building in March, it was revealed that it was Milwaukee’s most expensive building to rent an apartment on a price per square foot basis at $3.99 — above The Couture at around $3.69 and Ascent at around $3.48.
At the time, rents at 333 Water started at $2,175 per month for a studio and went up to $9,425 per month for a three-bedroom penthouse. However, since then, rents have been dropped for some of the smaller units with the least expensive units now priced at $2,067 per month.
Similarly, at The Couture, starting rents were lowered from $2,045 per month to $1,945 per month, according to the building's website.
333 Water’s apartment units will be accompanied by three new retail spaces including a 1,600-square-foot space at the corner of Water Street and St. Paul Avenue, a 5,100-square-foot restaurant space along the Milwaukee River and a 3,200-square-foot retail space along Water Street.
Miner said Hines and its retail brokerage team at
CBRE are in "late-stage negotiations with both local and national retailers on a couple of the retail spaces."
[gallery td_gallery_title_input="Interior photos of completed units" size="full" td_select_gallery_slide="slide" ids="591705,591707,591706,591703,591704"]
