Last updated on May 15th, 2019 at 04:50 pm
A 2-acre site on the Kinnickinnic River, located across the river directly west of the site where Michels Corp. is planning a $100 million mixed-use development that was announced on Monday, was sold for $2.1 million.
Milwaukee Pier Inc. sold the property at 2078 S. Fourth St. in Milwaukee to the Susan M. Matson Trust, which will be leasing the site to a new marina operator.
Daniel Walsh and John Dulmes with Transwestern represented the seller in brokering the deal. Fred Bersch of Bonnilake Realty represented the buyer.
“This property was a compelling investment opportunity; immediately viable as a successful marina with multiple avenues for product and service growth, and offering tremendous potential for future redevelopment,” Walsh said.
The property is located northeast of South Fourth Street and West Becher Street near I-94. It also includes 400 feet of riverfront frontage, 16 boat slips, two 2,500-square-foot boat storage warehouses and two service buildings of 900 and 720 square feet.
Michels Corp. announced Monday that it is planning a $100 million development anchored by an eight-story regional office building at the former Horny Goat Hideaway property, which is located northwest of Becher and South First Street and across the river to the east from the 2078 S. Fourth St. site. The development will also include two more office buildings, apartments and a hotel.
Meanwhile, Transwestern is also marketing for sale the 6.8-acre waterfront property at 1933 S. First St., across the Kinnickinnic River to the north from the Horny Goat property.