Milwaukee-based development firm Cobalt Partners announced Thursday that it plans to move its office from a prominent ground-floor location in Milwaukee's Historic Third Ward, with plans to transform the space into a restaurant.
Cobalt currently has its office on the first floor of the Commission House building at 400 N. Broadway, but recently acquired the building's top floor for $1.1 million, according to state property records, and has enlisted Milwaukee architecture firm RINKA to lead the design and renovation efforts.
Cobalt is the firm behind some of the region's largest development projects including 84South in Greenfield, Whitestone Station in Menomonee Falls and a several-block project in downtown Kenosha.
Upon moving to the top floor of the Third Ward building later this year, Cobalt will transform its current first-floor office — situated at the northeast corner of North Broadway and East St. Paul Avenue — into a new restaurant.
The site sits just east of the Milwaukee Public Market and alongside other popular dining destinations like Benelux Café and The Wicked Hop. Located along The Hop streetcar route, the intersection experiences high pedestrian traffic, making it an ideal spot for a new culinary concept, Cobalt said in the announcement.
“An office does not represent the highest and best use of our current space,” said Scott Yauck, Cobalt president and chief executive officer. “Leveraging the energy of the area and creating a desirable amenity for our building makes good sense—both pragmatically and financially. Moreover, these transactions allow us to relocate our businesses to a state-of-the-art space featuring 360-degree views of the city and an expansive terrace that will better serve our growing firm.”
While specific plans and branding details are still under development, Yauck said he has traveled to the Los Angeles area, Spain and Italy to explore innovative restaurant concepts not currently offered in Milwaukee.
“We envision a customer experience derived from purpose and simplicity,” Yauck said. “Our menu will be imaginative and globally influenced, prepared with locally sourced, produce-forward ingredients. The interior design will be stylish yet casual, with a modern industrial feel complemented by warm and welcoming elements.”
Project timelines depend on the completion of the top-floor office build-out, followed by the programming, design and renovation of the first-floor restaurant space.
“It will take time to ensure both projects meet the highest standards and align with our vision to further elevate this building and our incredible neighborhood,” Yauck said.
