Milwaukee developer Tim Gokhman said he has purchased a strip mall on North Farwell Avenue on Milwaukee’s East Side and is planning to renovate the property and redevelop it into retail space.
Gokhman, and partner Ann Shuk, plan to close on the deal to purchase 1816-1828 N. Farwell Ave. from Phoenix Investors LLC in January for an undisclosed price.
“We own the buildings kitty-corner to the south, so we are looking to add to the mix,” Gokhman said. “We’re bullish on Farwell and want to continue to improve the street.”
Gokhman also owns the building Ardent restaurant is in at 1751 N. Farwell Ave., and Juiced! juice bar at 1749 N. Farwell Ave.
His latest property at 1816-1828 is assessed by the city of Milwaukee at $1.5 million. The one-story building is a total of 17,160 square feet, and includes five units plus a parking garage in the back. Units range in size from 1,120 square feet to 8,277 square feet, which is the space Phoenix Investors occupied.
Phoenix Investors announced in September that it purchased the office building at 401 E. Kilbourn Ave. in downtown Milwaukee for $2.35 million and would be moving its 30 employees there, from the Farwell Avenue building, early next year.
Gokhman is planning to renovate the Farwell Avenue building, redo the facade, improve the landscape, lighting and make it more pedestrian friendly. He will then begin marketing it to retailers, he said.
“There isn’t a specific retailer group in mind, as long as it is a dynamic use that brings traffic to the street,” he said. “A bakery, yoga studio, restaurant, brewery, spa, it could be a number of things.”
Gokhman also has two apartment developments underway. The first, a 120-unit project in Walker’s Point includes three, five-story buildings at 1029 S. 1st St., north of W. Washington Street, between S. 1st and S. 2nd streets.
Also under construction is The Rhythm, a seven-story, 140-unit apartment building at 1620 N. Water St.
Both apartment projects are expected to be completed in mid-2016.