Last updated on May 15th, 2019 at 04:47 pm
The joint venture that is redeveloping the Milwaukee Athletic Club has closed on the purchase of the downtown building and will soon begin $70 million in renovations.
According to a news release, the building at 758 N. Broadway was purchased on Thursday. State records show the property was acquired for $4 million. The ensuing work includes a complete renovation of the hotel, the addition of new dining and entertainment outlets and the creation of public ground-level retail space.
The project will also create new member fitness and social areas, including a year-round rooftop member lounge, co-working space and rehabilitated basketball court and swimming pool. A first-floor restaurant concept to be developed as part of the renovation project will be new to the Milwaukee area, the release states.
Renovations are to begin immediately, and club members will by mid-summer get a sneak peek of its progress during an event that will also serve to unveil the new experiences that the club and building will offer.
The ownership group overseeing the renovation work consists of Milwaukee-based developers J. Jeffers & Co. and Interstate Development Partners as well as Denver-based hotel owner and operator Sage Hospitality Group.
“We are thrilled to have closed on the real estate purchase that will now allow us to begin the expansive work necessary to restore the building to the grandeur befitting the historic Milwaukee Athletic Club and become a hospitality destination for both visitors and residents throughout the region,” Tony Janowiec, president of Interstate, said in the release.
Sage will direct all aesthetics and interior-design work of the building, and will also operate the hotel, restaurant and event space when the work is completed. The group has worked on similar projects, including the redevelopment of the historic Denver Union Station.
“The plans for the new MAC will allow the club to realize our dream in re-imagining the member experience; elevating the membership value for existing members; and setting the stage for attracting the most eclectic, diverse and energetic array of Milwaukee’s social influencers as new members,” David Kriete, Milwaukee Athletic Club board president, said.