Wells Street site near MU sold for $2.5 million for student housing development

Chicago-based Harrison Street Real Estate Capital recently purchased the property at 1400 W. Wells St. near the Marquette University campus for $2.5 million, according to state records, where a six-story private student housing development is planned.

The assessed value for the property, which consists of a 5,700-square-foot multi-tenant retail building on a one-third acre lot, is $652,000, according to city records.

Opus Development Company LLC plans to build a six-story building on the site with 80 units of private student housing and 7,500 square feet of retail space, which will include a Subway restaurant and other yet to be announced retail tenants.

The development will be owned by Harrison Street Real Estate Capital. Groundbreaking is planned for August and the project is expected to be complete in time for the 2014 school year. Opus Design Build LLC will manage the design and construction of the building. Korb Tredo Architects is the project architect.

“We’re very excited to be developing in Milwaukee with such a highly regarded grou as Opus,” said Brian Thompson, senior vice president at Harrison Street. “Building a walkable, student-focused development near a tier one university like Marquette is consistent with our broader strategy.”

“We are excited to provide high-quality amenities to residents and additional retail options to members of the community,” said Julie Ledger, vice president and general manager of the Wisconsin office of Opus Development Company.

Sweeney’s College Books will move from the existing building on the site, which will be torn down, to the first floor of the Catholic Financial Life building at 1100 W. Wells St.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display