A vacant 0.4-acre site at 200-216 S. Broadway in Milwaukee’s Historic Third Ward sold recently for $2 million, according to state records. Chicago Street Holdings LLC purchased the property from Term-Broadway LLC.
The property sold for well above its $588,200 assessed value, according to city records.
Earlier this year, San Francisco-based Kimpton Hotels & Restaurants announced that HKS Holdings LLC plans to develop an eight-story, 158-room Kimpton hotel on the site. The hotel is expected to open in 2015. It will be owned by Chicago Street Holdings LLC. Kimpton Hotels & Restaurants will manage the hotel operations.
Kimpton Hotels & Restaurants spokeswoman Faith Yi said plans for the hotel are proceeding, but the company has not announced a name or brand for the hotel.