As the summer comes to a close, Milwaukee's commercial office market has begun to slow down. However, industrial and multifamily construction opportunities continue to pop up. Here's a look at this month's major market trends and development updates.
UnitedHealthcare Building Redevelopment
Development firm Irgens, known locally for office development, has plans to construct about 200 market-rate apartment units, retail space, and medical office space in the Milwaukee County Research Park. Due to a trend of negative absorption in the commercial office market, the firm is transitioning into multifamily with this development of the former UnitedHealthcare building. Irgens plans to break ground on the new apartments, retail, and medical office space in the fall.
West National Avenue Project
Milwaukee-based development firm Three Leaf Partners recently received sign-off for up to $13.1 million in city financing on their $67 million apartment development in West Allis. The firm, founded by Bucks player Pat Connaughton, plans to use its funding to build six stories of market-rate apartments. The project will begin toward the end of 2023.
100 East Office Tower Transformation
Houston-based developer John Vassallo and Joseph Klein of Milwaukee-based firm Klein Development recently purchased the 100 East Office Tower for $28.7 million—the duo plan to convert it into nearly 350 Class A apartments. The project will include gutting the former office spaces and constructing apartments on each floor. Construction work for the renovation is slated to begin in over one year.