The former Brady Street True Value store building has been sold to a developer for $1.1 million.
An affiliate of Dominion Properties purchased the three-story, 11,400-square-foot building at 1234 E Brady St. from Thomas and Catherine Borneman, of Oconomowoc, according to state real estate records.
The Bornemans owned the building and the hardware store, which closed this fall.
The building, which is assessed at $798,000, has 4,000-square-feet of retail space on the first floor and eight apartments.
Mike O’Connor, of Dominion Properties, recently proposed opening a bar at the location, but the Brady Street Area Association opposed the idea.
Ald. Nik Kovac said Dominion has not submitted any formal plans, but have indicated to him that they plan to lease the ground floor retail space in the building to a restaurant.
“If it’s a high quality restaurant, that’s something that we would consider,” Kovac said. He said a bar in the building’s retail space would be a “non-starter.”
O’Connor said he is in negotiations with a potential tenant, but could not provide any additional details.
“I haven’t inked anything yet,” he said. “We don’t have a tenant at this point.”