An affiliate of Wauwatosa-based real estate development firm Irgens recently purchased the downtown Milwaukee site where it plans to build a new 17-story office tower.
The Irgens affiliate, 833 Buena Vista Tierra Investors LLC, purchased the northern portion of a 63-year-old parking structure at 815-21 E. Michigan St. in downtown Milwaukee from U.S. Bank for $5.4 million, according to documents filed with the Milwaukee County Register of Deeds office.
The site is 1.0178 acre in size, according to Irgens.
Irgens plans to tear down the parking structure and build a 17-story, 358,000-square-foot office building on the site. The building will be named 833 East. Tenants in the building will include the Godfrey & Kahn S.C. law firm, Colliers International|Wisconsn and Irgens’ own offices.
“This is a step in the development process of 833 East,” said Mark F. Irgens, chief executive officer/president and manager of Irgens. “We still need to achieve a little more leasing before our lending group will let us start construction.”
Construction is expected to begin this spring, according to Irgens.
As part of its sale of the property to Irgens, U.S. Bank included deed restrictions that limit any building constructed on the site to 18 stories tall with no more than 485 parking spaces. The site is located just southeast of the 42-story U.S. Bank Center at 777 E. Wisconsin Ave.
The southern portion of the parking structure site will be retained by U.S. Bank, said Joe Ullrich, vice president of U.S. Bank. Irgens will lease the top portion of that structure for parking. The lower portion is used for loading purposes for the U.S. Bank Center. U.S. Bank also wants to retain control of the site for future expansion of the parking structure for its office tower, Ullrich said.