The redevelopment of an old office building northwest of East Oregon and South First streets in Milwaukee's Walker's Point neighborhood is moving forward after the project secured historic tax credits.
Milwaukee-based
LCM Funds LLC has already gutted the four-story, approximately 40,000-square-foot building at 228 S. First St. Construction work is to start sometime in March, said Scott Revolinski, principal of LCM funds and of Milwaukee-based
Founders 3, which is
marketing the property to prospective tenants.
The 129-year-old building is undergoing major renovations. A rooftop deck is also being added. The addition includes a 1,550-square-foot wood deck with outdoor and 1,100-square-foot terrace amenity area0
The rooftop amenity space could be a conference room, workout room, rooftop kitchen or an executive office and attached conference room, Revolinski said. Its final use will be dictated by the first large office tenant to sign a lease.
"The building is basically going to be new from top to bottom," Revolinski said.
The approximately $4 million project is taking the next step because it secured historic tax credits after the
building was added to the National Register of Historic Places in December.
"If it weren't for the historic tax credits, it wouldn't be moving forward," Revolinski said.
He said LCM Funds has spoken with a number of potential tenants, whose interests ranged between leasing the whole building to only one or two floors.
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It was originally to be leased to a local co-working space operator, but that deal fell through about two years ago, Revolinski said.
The building was constructed in 1892, according to city records. Also known as the Harley Davidson Motor Company Factory No. 7, it was formerly used as an automated production facility in the early 20th Century by the Milwaukee motorcycle maker, according to
Wisconsin Historical Society records.
An LCM Funds affiliate first acquired the building in late 2016 for $1.1 million, according to state records. What helped LCM Funds make its decision on the building's future use was the successful redevelopment of the neighboring building at 224 S. First St., which is now occupied by commercial furniture agency
Duet Resource Group, said Revolinski.
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