Hoping to take advantage of the vibrancy of Commerce Street and the booming central business district, a Milwaukee manufacturing family has decided to sell more than 4 acres of vacant land that it owns in the city's Brewers Hill neighborhood.
The Eder family, owners of In-Place Machining Company, 3811 N. Holton St., have listed their property at the southeast corner of Brown Street and Killian Place for $3.5 million with RFP Commercial. The property includes a second parcel, where In-Place Machining was previously located, for a total of 4.55 acres.
“I think they are smart enough to realize the market is on an upswing,” said Bob Flood, partner with RFP Commercial. “There are a great number of millennials, and old guys like me, coming back to the city and living in apartments. It’s a good time to get into the market. You don’t know when the next upswing will be.”
Jonathan Eder, president of In-Place Machining Company, said the family moved to its current location behind Walmart on E. Capitol Drive in 2003.
"We had been using the old facility for storage, but a couple years ago we expanded and now we have more than 100,000 square feet at our current location so we don't need it any more," Eder said.
Brewers Hill is a diverse neighborhoodbounded by Pleasant Street to the south, North Avenue to the north, King Drive to the West and Holton and Hubbard streets to the east.
Royal Capital Group LLC, is planning a 181 apartment development at North Hubbard Street and East Reservoir Avenue. The development, to be called The Hills Luxury Commons, will be one of the largest developments the neighborhood has seen in about a decade.