An affiliate of the owners of the Shops of Grand Avenue have purchased one of the last remaining vacant parcels in Milwaukee’s Historic Third Ward with plans for a large mixed-use development.
[caption id="attachment_139070" align="alignright" width="389"] The owners of the Shops of Grand Avenue purchased the parking lot at St. Paul and Water St.[/caption]
The Aggero Group purchased the 0.79 acre site at 333 N. Water St., on the southwest corner of East St. Paul Avenue and North Water Street. from long-time owner Paul Ianelli for $5.6 million, according to state records.
In April, BizTimes reported that Chuck Biller and Tony Janowiec, owners of the Milwaukee-based Aggero Group, had an option to purchase the property with plans for a hotel and multi-family housingdevelopmenton the site.
The Aggero Group is working with Milwaukee-based hotel developers Jackson Street Holdings, LLC and Arrival Partners, LLC on the project. Doug Nysse, principal with Arrival Partners directed all questions to Janowiec.
Biller and Janowiec could not immediately be reached for comment.
The site is assessed by the city of Milwaukee for $1.2 million. The price of the site creates a challenge for the project, Biller and Janowiec said in April.
“It is going to have to have multiple elements in order for it to be viable,” Biller said. “The challenge is you have to put together a group of uses that will pay for it.”