Three buildings in Walker’s Point were sold through a foreclosure auction for $2.2 million, to an Indiana company who is planning a mixed-use development.
Bloomington, Ind. –based Cedar View Management, purchased 129-133 W. Pittsburgh Ave., from Olson RE, LLC.
Suzanne O’Connell, vice-president with Cedar View Management, said work on the buildings will begin the first of the new year.
“We don’t buy buildings to hold onto them, when we move, we move quickly,” O’Connell said.
Cedar View is planning first floor retail along Pittsburgh Avenue that O’Connell said will compliment the building and the neighborhood. Apartments and office space will occupy the rest of the buildings.
The buildings, which are five, four and two stories tall, were built in the 1890s. The three buildings have a combined 85,580-square feet. Only the two-story building is on the historic register.
Cedar View is working with Zimmerman Architectural Studios, Inc., locally and Indianapolis-based Studio 3 Design.
O’Connell said she loves the Walker’s Point neighborhood because of its vibrant feel.
“I used to live in Wicker Park (Chicago) when it was transitional and it has the same sort of feel to me,” she said. “It’s very much a neighborhood as far as the different businesses. I love how much everyone cares about the area.”
Cedar View mainly operates apartments in Bloomington’s downtown area and around the Indiana University campus.
The Walker’s Point development is the company’s first in Wisconsin.
“We were not actively looking for a property but were approached,” O’Connell said. “I have an extreme fondness for Milwaukee and so does our company president. I know we can do good by the city.”
The purchase of this parcel is another improvement to the intersection of South Second Street and Pittsburgh Avenue.
In September, developer David Winograd, who owns D & K Management Services LLC., began redeveloping the former Prime Leather Furnishes Co. building into market-rate apartments at 188 S. 2nd St. across the street from this property.
Winograd, who hasn’t spoken to the representatives at Cedar View, said he is happy to see the foreclosed parcel will be redeveloped.
