Last updated on December 10th, 2020 at 10:47 am
Milwaukee-based developer New Land Enterprises is planning to construct an eight-story apartment building at the former Buca di Beppo restaurant site near downtown Milwaukee.
New Land’s plans for the site, at 1237 N. Van Buren St., include an eight-story building containing 220 apartment units, up to 300 structured parking stalls and roughly 2,500 square feet of commercial space, according to an application filed with the city. The restaurant building is located in the city’s Yankee Hill neighborhood.
The project represents a private investment of $35 million, the application states.
The application requests a change of zoning at the site to allow the development to take place. Such a request would need approval of the Common Council.
Milawukee-based Korb + Associates is the project architect.
New Land did not immediately respond to a request for comment.
The property was recently acquired for $2.1 million by Kosmos Metro LLC, an investors group led John “Johnny V” Vassallo of Mo’s Restaurants. Vassallo’s restaurant group owns restaurants in Milwaukee, Wauwatosa and Texas.
Buca di Beppo’s downtown Milwaukee location closed in 2017, and the building has since sat empty. The building sits on roughly 1.3 acres, and was built in 1978, according to city records. The property has an assessed value of $1.8 million.