A Milwaukee investor and developer is planning a redevelopment project at a long-vacant property on Milwaukee’s near west side that could bring new residential and commercial space to the area.
The four-story, 10,064-square-foot building at 2627 W. State St., would be renovated into six apartments, with two to three bedrooms, as well as the café and a possible fitness center, according to Milwaukee County documents.
The building has been vacant for over two decades and is currently “non-functioning,” county documents say.
The Milwaukee County Board is to review plans to seek a $250,000 grant from the Wisconsin Economic Development Corp. to help finance the project.
The project’s $1.1 million financing package includes equity financing, loans, a city grant and help from Brew City Match, which provides grants, loans and technical assistance for Milwaukee central city entrepreneurs.
The project is being led by Watersview Investments Group LLC. The group, led by Jason Waters, bought the building in 2020 for $45,000.
“Watersview Investments Group LLC is reshaping its focus on commercial real estate,” a memo from the developer to the county says. According to the firm’s website, it has been mostly focused on residential development and investment since it was founded in 2018.
“We understand to succeed the importance of partnerships,” the memo added. “That’s why on this particular project we have solicited console from the Near West Side Partners.”
The firm is eyeing a mid-2024 completion, developer documents say.
“The building’s location near busy 27th Street and close to many residential units, local businesses, Marquette University, downtown Milwaukee, freeway access, and a soon-to-be-renovated theater make it an ideal fit for additional residential and commercial use,” county documents say.
