Milwaukee-based hotel development group Jackson Street Holdings recently purchased an office building, located near the downtown convention center, that it wants to convert into a hotel.
Jackson Street Holdings purchased the Commerce Building, a six-story, 92,255-square-foot office building and a two-story parking structure, both built in 1927 at 744 N. 4th St., from Milwaukee-based Zilber Ltd. for $4.5 million, according to state records. The building has an assessed value of $3.2 million, according to city records.
The building is located across the street from the convention center and is connected to the facility by a skywalk.
The building is mostly vacant. Springfield College has its Milwaukee campus in the building, but recently signed a lease to move that campus to The Tannery office complex at 700 W. Virginia St. in the city’s Walker’s Point neighborhood.
Jackson Street Holdings built the 160-room Aloft Hotel at 1230 N. Old Wolrd Third St. in downtown Milwaukee in 2009 and the 205-room Marriott hotel at 323 E. Wisconsin Ave. in 2013.