MSOE buys unfinished Staybridge Suites building for $12 million

The Milwaukee School of Engineering recently purchased the half-built Staybridge Suites hotel building at 1150 N. Water St. in downtown Milwaukee for $12 million, according to state records.

Construction of the 14-story building, located at the southeast corner of Water Street and Juneau Avenue, was halted in 2009 and never resumed. The property went into receivership and was sold last year in a foreclosure auction to a partnership between the Federal Deposit Insurance Corp. and New York-based Square Mile Capital Management.

The building was to have had a 117-room Staybridge Suites extended stay hotel, 34 residences and first floor retail space. The only tenant occupying the building is a Qdoba Mexican Grill restaurant.

MSOE plans to use the building for an apartment-style residence hall for upperclassmen, graduate students and faculty who wish to live on campus, as well as campus visitors. There will be approximately 150 units, ranging from studio apartments to 1- and 2-bedroom units. The ground floor of the building will remain as retail space.

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