An affiliate of Oshkosh-based Keystone Development has purchased an-eight story office building in downtown Milwaukee. The Century Building, 808 N. Old World Third St., located just north of Wells Street, was bought from an investment group led by Ron San Felippo for $4.1 million, according to state records.
The Class C office building is assessed at $2.7 million, according to city records.
Milwaukee developers San Felippo and Jeff Nowak purchased the 111,950-square-foot building in 2005, for $3 million.
Keystone is planning to convert the top four floors of the building into 50 apartments using federal low-income housing tax credits from the Wisconsin Housing and Economic Development Authority (WHEDA).
WHEDA has awarded Keystone $477,169 in tax credits annually for 10 years, totaling $4.7 million. Of the 50 units, 42 are targeted as low income.
The building’s first floor tenants include a George Webb restaurant, Quality Optical eye-care studio and Xankia, a Vietnamese & Hmong sandwich shop.
