Bear Development buys historic Button Block building

Kenosha-based Bear Development has purchased the 122-year-old Button Block building in downtown Milwaukee, according to Siegel-Gallagher. The sale closed earlier today.

Patrick Gallagher and Matson Holbrook of Siegel-Gallagher brokered the deal for the seller, Button Block LLC. The registered agent for Button Block LLC is Gary Taxman.

“It’s a neat, iconic building in Milwaukee,” Gallagher said.

The sale price of the building was not disclosed by Siegel-Gallagher. It had been listed for sale at $2.1 million. It has an assessed value of $2.19 million, according to city records.

Located at 500 N. Water St., at the northeast corner of Water and Clybourn streets, the seven-story 67,200-square-foot building is today best known for Joey Buona’s Italian Restaurant, which occupies the first two floors. At one time that space was occupied by Brett Favre’s Steakhouse. Other prior tenants in the building include Park Avenue and Mad Hatter.

The third through seventh floors of the building are currently vacant. Bear Development plans to convert those floors into apartments.

The sale includes the vacant site to the north of the building.

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