Ann Pieper Eisenbrown, the president and founder of Milwaukee-based Pieper Properties Inc., is redeveloping buildings in the Third Ward and in the Fifth Ward in Milwaukee. Earlier this year, a group of investors organized by Pieper, called 234 Florida LLC, purchased the 100,000-square-foot, 115-year-old former Allen D. Everitt Knitting Co. building at 234 W. Florida St. for about $1.9 million from Mitchell B. Van Dyke LLC.
The building has been vacant since Everitt Knitting went out of business in early 2004. Everitt Knitting, founded in 1910, made hats, scarves, mittens, blankets and other items. Pieper is serving as the developer for the $6.6 million renovation of the building’s shell and core, which is under way. Part of the building is six stories tall and part of it is seven stories tall. Tenants will be able to move into the building next year.
"I’m overseeing the complete gut and renovation of the building from top to bottom," she said.
Recently, another group of local investors organized by Pieper, called 342 North Water LLC, purchased the 113,339-square-foot, eight-story building at 342 N. Water St. in the Historic Third Ward for $5.4 million from St. Paul Crossing LLP. The 97-year-old building has an assessed value of $4.034 million, according to city records. Currently, it is about 60-percent occupied.
Pieper will also be the developer overseeing $3 million in renovations to that building, which will include improvements to the façade, common areas, elevators and basement parking garage. Both buildings will be marketed to small business office tenants, and the renovation projects for both buildings will incorporate sustainable building principals that make them more environmentally friendly, Pieper said.
The retail space on the first floor of the Third Ward building will be maintained, and retail space will be added to the first floor of the Florida Street building, Pieper said. Marianne Burish of Siegel-Gallagher will be the leasing agent for both buildings.
