An affiliate of Minnesota-based Hempel Real Estate and Milwaukee-based ICAP Development has purchased nearly two blocks of mostly-vacant land in Milwaukee’s Brewer’s Hill neighborhood for a possible mixed-use development.
The $1.75 million purchase, which was recorded in state real estate records on Monday, is for the property at 1946 N. Buffum St. The site extends from Holton Street and Reservoir Avenue to Killian Place and Reservoir Avenue, with Buffum Street bisecting the property.
The 3.3-acre site includes two industrial buildings. There are three single-family homes at the south end of the property which are not part of the purchase.
Plans are in early stages, but Hempel is considering a development consisting of single family and multi-family homes, retail, and maybe redevelopment of the industrial buildings, according to Braden Just, vice president of acquisitions for Hempel.
“It’s a larger site, which there’s a diminishing amount of them in the Milwaukee downtown area,” Just said. “We thought with it sitting up on the hill, with all the restaurants, the neighborhood in and of itself, that this would be a good development site.”
The site is bordered by new single and multi-family construction to the north and by Cobblers Lofts and Shoeworks Lofts to the west.
Hempel purchased the property with Milwaukee-based ICAP, which has done multi-family developments in the Brewer’s Hill area.
“We decided to just go ahead and partner with each other on it instead of competitively bidding against each other on the property,” Just said.
Hempel was also a partner in the redevelopment of the former Shops of Grand Avenue on West Wisconsin Avenue into The Avenue, which now includes apartments, office space and a food hall.
“Our focus for the past almost six years has been mainly just down on Wisconsin Avenue, but we are always in the market for new acquisitions,” Just said. “Now that The Avenue is stabilized, the food hall is open, we’re definitely branching out.”
Hempel, which is based in Eden Prairie, Minnesota, established an office in Milwaukee after purchasing The Avenue property.
The property on Buffum Street was purchased from a Milwaukee-based entity called Light Ray Development LLC, state records show.
