The former Malt House and grain warehouse (also called the malt elevator) buildings at the former Pabst brewery complex in downtown Milwaukee have been sold to a New York firm for $1.6 million, according to state records, allowing a long-planned redevelopment project to finally move forward.
[caption id="attachment_131665" align="alignright" width="284"]
The Malt House building at the former Pabst brewery complex.[/caption]
Whitestone Realty Capital
, LLC has been eyeing
the buildings for several years, originally planning to redevelop them into senior housing, but then revising the plans to 111 market rate apartments in 2014.
That is still the plan, said Dan McCarthy, director of office leasing and development with Zilber Ltd., which is leading the redevelopment of the former Pabst brewery complex and sold the buildings to Whitestone.
“We’re very excited about this project, (the Malt House) is an important building in the neighborhood and we are looking forward to the new activity that this historic renovation project will create,” McCarthy said. “This brings us one step closer to fulfilling (Zilber Ltd. founder Joseph) Zilber’s vision.”
Michael Zuckerman, managing director and CEO of Whitestone, could not be reached for comment.
The buildings, at 1009 W. Juneau Ave., are located on the corner of West Juneau Avenue and North 10th
Street, across the street from the Brewhouse Inn & Suites which opened in May 2013.
The buildings have an assessed value of about $1.5 million. Both buildings were built in 1882. The Malt House building is six stories and 99,552-square-feet. The grain warehouse building is five-stories and 44,232-square-feet.
With the sale of the Malt House and grain warehouse buildings, the Pabst development has one building and three land sites left, McCarthy said.
That building, the former shipping center
, is located on the southwest corner of North 8th
Street and West Juneau Avenue. Built in 1970, the two-story, 175,968-square-foot industrial building is currently under contract. McCarthy declined to provide details about the potential buyer or future plans for the building.