A developer wants to purchase a city-owned vacant lot west of the Marquette University campus to build a 27-unit apartment building there.
According to a report from Milwaukee’s Department of City Development, Grafton-based Herro Co. Inc. is seeking to purchase the lot at 541 N. 20th St., located near the southwest corner of West Michigan Street and North 20th Street.
Herro would buy the 9,900-square-foot site for $25,000.
The developer would then construct the $1.2 million multi-family project, which would contain 27 one-bedroom units along with interior ground-level parking. The development would be funded with private equity and financing.
According to the report, DCD staff determined there is little risk in selling the vacant lot to Herro due to the developer’s experience. Herro has previously developed single-family subdivisions, senior-care facilities and commercial buildings in the Milwaukee area.
Lew Herro, president of Herro Co., said the project will cater to students and professionals who want to live in the area. He said he’s been looking to develop an apartment building in the neighborhood the last few years, adding that he wanted to put up something that has a different look than what’s currently offered.
The land sale would need Common Council approval before being made final.
