Mason St Ventures acquired the property from Sentinel Suites LLC, an Illinois-based investment group led by
Doug Young. The Illinois firm paid Milwaukee investor
Max Dermond $1.53 million in 2018 for the property. It was billed as 50% vacant at the time.
Now it’s 70% vacant.
Alex Zank, would turn the building into apartments.
“It’s a really cool building, a lot of history behind it, and it’s in a prime location right downtown,” Gollatz told Zank. “You don’t see many buildings like that come up for sale at a semi-affordable price point.” The property is assessed for $1.58 million.
The conversion could result in 30 apartments in the 30,848-square-foot building. Gollatz said his group is now talking with architects and contractors.
New owner converting office space into 13 units. By Jeramey Jannene - Feb 17th, 2021 06:09 pm //end headline wrapper ?>Get a daily rundown of the top stories on Urban Milwaukee
2577 N. Downer Ave. (left) and 2579-2597 N. Downer Ave. (right). Photo by Jeramey Jannene.
The new owners of most of the Downer Avenue commercial corridor submitted plans to the city to convert a portion of one of the buildings to apartments.
As part of its new plan, Bridge33 would redevelop the second story of the two-story building between the Downer Theatre and Boswell Books into 13 apartments.
Addressed as 2577 N. Downer Ave., the space was most recently home to DeWan Dental Wellness. The Chancery restaurant was located on the first floor.