The real estate investment group planning to convert the Park East Hotel near downtown Milwaukee into 96 luxury apartments paid $9 million for the property, according to state records.
Park East Propco LLC, purchased the five-story, 91,989-square-foot hotel at 916 E. State Street from Ajit Walia, of Brookfield on Thursday, which was also the last day of operation for the hotel.
Park East Hotel’s Durbar Restaurant and Lounge closed Sept. 2.
The hotel, which was built in 1957, is assessed by the city of Milwaukee at $4.77 million.
The real estate investment group, which includes Mike Klein, of Klein Development, and Derek Schneider, of Millennial Partners, will completely demolish the interior of the hotel, which sits on 1 acre of land with unobstructed views of Lake Michigan.
They are planning a mix of mix of studios, one-bedroom and two-bedroom apartments. The group also plans on adding an additional floor to the building, which will be used as a community room and rooftop deck.
The first floor space will have 8,500 square feet of retail, which could include a restaurant or coffee shop.