Milwaukee-based Fiduciary Real Estate Development Inc. and Opus North Corp. are working on plans for a joint venture residential development project on the former Gallun Tannery site west of Water Street along the Milwaukee River on the city’s East Side, according to sources.
The Gallun family has an option to sell the property to the development group, sources say. However the developers are tight-lipped about the project for now.
“There’s nothing to discuss at the moment,” said Julie Ledger, vice president and general manager for Opus Development Corp.’s Milwaukee office. “It’s early on. It’s not ready for public consumption yet. We don’t want to get ahead of ourselves.”
Fiduciary Real Estate Development partner Craig Raddatz could not be reached for comment. Martin Gallun, a representative of the Gallun family, also could not be reached for comment.
The former Gallun Tannery site is a 6-acre property, located northeast of North Holton Street and west of Water Street along the Milwaukee River.
The last of the old tannery buildings on the site was torn down last year. Oshkosh-based Keystone Development planned to convert that building into an 88-unit apartment complex, but the project died when Keystone’s attempts to obtain tax credits were unsuccessful.
The site has been listed for sale by RFP Commercial. “Right now there’s really nothing going on,” said Ned Purtell, a partner with RFP Commercial.
A major challenge for developing the site is that there is a significant drop-off from Water Street down to the river.
The Gallun Tannery site is within Ald. Nik Kovac’s ward.
“That site is obviously crying out for residential development,” Kovac said. “You’d want it to be a great-looking building. It is a premier site.”
