Jeffers continues purchasing in downtown Milwaukee

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Prolific Milwaukee developer Josh Jeffers purchased a 128-year-old downtown Milwaukee building in late March for $1.4 million.

The four-story building, located at 518-22 N. Water St., was sold to Jeffers by RAM Real Estate Holding LLC, a company registered to Rich Meeusen, chairman, president and chief executive officer of Brown Deer-based Badger Meter Inc.

The sale gives Jeffers another property on the block, where he owns several.

Jeffers is planning a seven-story mixed-use building next to the historic Mackie and Button Block buildings on the block.

The project, to be called Broadway Connection, will be built at 511 N. Broadway, which is currently a parking lot at the northwest corner of East Clybourn Street and North Broadway.

The Water Street Building has 16,592 square feet of space and has an assessed value of $1.12 million, according to city records. Its tenants include Fire on Water, M13 Graphics and Pin-It Live. The building also has seven residential apartments.

The building is in “really good condition,” Jeffers said, and no major changes are planned.

“It’s a long-term hold for us,” he said.

Address: 518-22 N. Water St., Milwaukee

Buyer: Joshua Jeffers

Seller: Richard Meeusen

Sale price: $1.4 million   

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