An affiliate of Milwaukee-based commercial real estate development firm Irgens has closed on the purchase of the Third Ward site where it intends to develop a five-story, 168,00-square-foot office building.
Young Street Development Partners, LLC, purchased the 0.8-acre property at 143 N. Milwaukee St. from Babcock Automobile Spring Company for $2.1 million, according to state real estate records.
The company is planning One Catalano Square at the site and will begin construction once a tenant is secured.
“One Catalano Square will feature large 35,000-square-foot floor plates that bring large floor-plate flexibility and efficiency not found in existing Third Ward buildings in which space will be scalable to accommodate larger companies as well as growing mid-size businesses that want to experience the Third Ward,” said Tom Irgens, vice president, Irgens.
The building will include ground floor retail, four levels of office space and one level of underground parking with 70 spaces.
The site is a triangular-shaped lot bounded by North Young Street, East Erie Street and North Milwaukee Street.
Irgens also tried to purchase the one-story 8,679-square-foot garage at 123 N. Milwaukee St., which will be adjacent to his new building but was told the property is not for sale. It is owned by Patsy & Paul, Inc., of Elm Grove.
