Posner Building sold to developer for $3.4 million

An affiliate of Milwaukee-based HKS Holdings LLC recently purchased the 106-year-old Posner Building at 152 W. Wisconsin Ave. in downtown Milwaukee for $3.4 million from an affiliate of Mo’s Restaurants.

HKS plans to convert the building to 105 apartments with ground floor retail space.

The seven-story building, located at the corner of Wisconsin and Plankinton avenues, is best known as the home for the downtown location for Mo’s Irish Pub. But the upper floors have been vacant for years.

The Wisconsin Housing and Economic Development Authority will provide $13.75 million in financing for the redevelopment project and the city of Milwaukee will provide up to $2.5 million in tax incremental financing.

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