The University of Wisconsin-Milwaukee on Thursday announced that it plans to seek permission from the Universities of Wisconsin Board of Regents to sell the chancellor’s residence at 3435 N. Lake Drive in Milwaukee.
This move, said UWM leaders in a press release, is part of a larger effort by the university to reduce costs and divest itself of properties that are no longer serving UWM’s best interests.
The university-owned residence was purchased in 2012 by the UWM Real Estate Foundation for $955,000 and then transferred to UWM. UWM Chancellor Mark Mone no longer lives in the residence. In December 2023, he purchased and moved to a home just blocks away from UWM.
Over the last several years, UWM has worked to divest itself of other properties to help streamline space and reduce costs. In 2021, UWM sold its former Alumni House to Milwaukee businessman Andy Nunemaker. And in 2023, it demolished Northwest Quad Building A and permanently closed the Purin residence hall. The university also plans to demolish its old Chemistry Building, which had previously been slated for renovations for other purposes.
If the Board of Regents approves the sale of the chancellor’s residence Lake Drive property, the 4,818-square-foot, six-bedroom home, built in 1926, will be put on the market sometime in the coming months. The property has an assessed value of $961,800, according to city records.
“Selling the chancellor’s residence is the smart financial move for our university,” Mone said in a statement. “I was glad to be able to purchase a home just a few blocks away from campus, which allows me to be in the community and on campus even more.”
