Things won’t be changing much at the former University Club building in downtown Milwaukee under a new proposal from prospective buyer Northwestern Mutual.
The company is under contract to purchase the six-story, 58,125-square-foot building at 924 E. Wells St. from the University Club, which offered meeting, banquet and dining facilities for its members until December when it closed the downtown location.
Northwestern Mutual is now planning to continue many of those same uses, though said its specific plans are still being determined.
“There probably will be some element of dining, some element of guest accommodations, event space, meeting space,” said Steve Radke, vice president of government and community relations for Northwestern Mutual, at the City Plan Commission meeting Monday. “To the degree that they are utilized by Northwestern Mutual or utilized by the public is all still to be determined.”
The Plan Commission approved Northwestern Mutual’s zoning request, which will allow for a variety of “urban uses” beyond what Radke described at the meeting, which could include residential, office, retail or entertainment.
Radke said the company is planning to start with work on issues related to the 98-year-old building’s deferred maintenance, which include replacing the roof, facade work and upgraded windows. That work could take a year or more.
The University Club is designated locally as a historic property, so any major exterior changes or demolition would be subject to approval from the city’s Historic Preservation Committee.
The property is located one block north of Northwestern Mutual’s corporate headquarters campus and kitty-corner from the company’s North Office Building, which it’s in the process of renovating in a $500 million project.
“As an active real estate investor, Northwestern Mutual is a steward of our downtown Milwaukee campus and neighboring area and the opportunity to invest in the University Club property allows us to ensure the building continues to serve as a prominent, thriving downtown hub for the Milwaukee community,” a Northwestern Mutual spokesperson said in a March statement.
In a December letter to University Club members, board president Jim Caragher noted deferred maintenance at the nearly 100-year-old city club facility as one of the reasons for closing and selling the building. Caragher also noted member attrition and increased competition from the city’s burgeoning restaurant scene among the driving factors.
“We attempted to augment assessment funds through voluntary contributions with an eye toward making significant upgrades. However, we were unable to secure any leadership gifts to boost our fundraising,” Caragher’s letter said. “Without significant upgrades, restoring our downtown-focused membership to its previous critical mass is unachievable.”
The University Club was founded in 1898 and has occupied the building since 1928.
