Last updated on May 15th, 2019 at 05:00 pm
An investment group led by developer David Winograd has purchased side-by-side warehouses in Milwaukee’s Walker’s Point neighborhood and plans to renovate the underutilized buildings into office space.
The property, at 228 S. 1st St., consists of two connected warehouses built in the 1890s. The first is a three-story, 36,000-square-foot building, the second, a two-story, 7,400-square-foot building.
Winograd purchased the property from Joan Julien for $1.1 million, according to state records. The buildings are assessed by the city of Milwaukee at $784,000.
“There are artists in the building now who will remain,” Winograd said. “We plan to renovate the entire building and maintain it as office.”
The investment group, headed up by Winograd, has been focused on redevelopment projects in the Harbor District and Walker’s Point since its purchase of the Deco Building at 201 E. Pittsburgh Avenue in 2009.
To date, LCM Funds LLC has purchased more than 10 properties in the area and has done redevelopment projects in the South Water Works complex, including the Oregon Lofts.
This is the second property sold by Julien in the area this year. In May, Julien sold the Julien Shade Shop, at 338-340 N. Milwaukee St. in the Third Ward, to HKS Holdings and relocated to West Allis. HKS Holdings is planning to redevelop the property into high-end apartments.