Joseph Property Development LLC, owned by developer Robert Joseph, recently purchased the the five-story former Eisner Museum of Advertising & Design building in Milwaukee’s Historic Third Ward for $2 million from the Milwaukee Institute of Art and Design (MIAD).
Joseph plans to redevelop the building, built in 1895, into a mixed-use building with apartments on the upper three floors and office space on the lower two floors.
The building is currently vacant. The upper three floors were previously used by the Milwaukee Institute of Art & Design (MIAD) as a student dormitory. Joseph plans to create 30, one- and two-bedroom market rate apartments on those floors, with rents of $1,100 and up. Those rents will be lower than most of the apartments in the mostly high-end neighborhood.
The lower two floors, previously used by the Eisner Museum, will be leased to office tenants, Joseph said. Combined the two floors have a total of 18,000 square feet of space.
Joseph plans to begin work soon. The project should be complete in the spring of 2014, he said.