Atlantic Realty Partners, an Atlanta-based developer of luxury apartment buildings, recently purchased the 5.7-acre former Gallun Tannery site at 1781 N. Water St. on the Milwaukee River north of downtown Milwaukee, according to state records.
Atlantic Realty bought the vacant site, which has 1,047 feet of river frontage, for $2.5 million from Mayville-based A.F. Gallun & Sons LLC. The sale price was well below the property’s $4.54 million assessed value, according to city records.
A representative for Atlantic Realty could not immediately be reached for comment.
The site has been vacant for years and the last of the old tannery buildings there was torn down in 2011.
In 2012 Fiduciary Real Estate Development Inc. and Opus North Corp. were working on plans for a joint venture residential development project on the site, but the project never moved forward.
The property is located in an area that has seen a significant amount of multi-family residential real estate development for several years on both sides of the river.