Milwaukee-based commercial real estate development firm Irgens has a site in the Third Ward under contract and is planning to develop a three- to-four story office building there that would have up to 150,000 square feet of space, according to numerous sources.
Irgens is working with Mike Wanezek, from Colliers International Wisconsin on the deal, and has had an option to purchase the property at 143 N. Milwaukee St., for several months, according to several commercial real estate sources.
“They have been reaching out to the market to assess interest,” said David Pudlosky, vice president at JLL.
An Irgens spokesman confirmed the company has a contract to purchase the Third Ward property, but would not provide details on the project.
Irgens has submitted plans for the property to the Third Ward Association Board, which have not been made public.
Babcock Auto Springs Co., recently moved from the location and did not return phone calls.
The site is a triangular-shaped lot bounded by North Young Street, East Erie Street and North Milwaukee Street. The Milwaukee Plan Commission will decide Jan. 25 whether to vacate an alley on that block for future development.
Jeff Fleming, spokesman for the Department of City Development, said a three- to four-story office building could be built by right within existing zoning rules for the site, so no plans had been submitted to the city.
In 2014, Commercial Horizons Inc., a commercial real estate development firm with offices in Green Bay and Appleton, was working on plans to develop an office building at the site, but those plans never came to fruition.
The site was one of several shown to Reinhart, Boerner, Van Deuren law firm late last year, when the frim began exploring its options. Reinhart’s lease expires at 1000 North Water in 2019.
“I don’t know if Reinhart is a Third Ward-type of firm, but that was on the list,” Pudlosky said.
Irgens is nearing completion of 833 East, a 17-story, $101.5 million, 358,017-square-foot office tower under construction at 833 E. Michigan St. in downtown Milwaukee.
The firm is also building an office building in the Milwaukee County Research Park at 10401 W. Innovation Dr. in Wauwatosa, which will be anchored by Zywave’s headquarters. That project is expected to complete June. 1.
