A church-turned-bank in Tosa was eyed for multifamily housing. Now, it's back on the market.

Quinn Clark, Milwaukee Journal Sentinel
·2 min read
Originally Our Redeemer Lutheran Church, and later converted to BMO Harris Bank, 9210 W. North Ave. in Wauwatosa was purchased by Madison developer Willow Partners in 2021.
Originally Our Redeemer Lutheran Church, and later converted to BMO Harris Bank, 9210 W. North Ave. in Wauwatosa was purchased by Madison developer Willow Partners in 2021.

Built in 1951 as Our Redeemer Lutheran Church, the building that was later converted into a BMO Harris Bank now sits vacant at 9210 W. North Ave. in Wauwatosa, and its future remains unclear as an "available" sign outside shows the space is for sale.

Madison-based developer Willow Partners, also responsible for Tosa's new Gallatin luxury apartments, once hoped to develop multifamily homes at the site, but property records show that, as of early last year, it no longer owns the building.

It's now back in the hands of the previous owner.

Today's high interest rates, which make borrowing money more expensive, have made it difficult for such plans to move forward, said Chris Houden Jr., managing partner for Willow Partners.

Milwaukee County's "tight construction market" also raises costs, making more multifamily projects "financially infeasible," he added.

Financial reasons are also why Willow had to pause its 25-story, 192-unit apartment tower project at 1550 N. Prospect Ave., where the firm plans to preserve Milwaukee's historic Goll House by repositioning it on the current site.

Building is for sale again after plans for a three-story multifamily residence fell through

Wauwatosa real estate investor John Mathie purchased the building in 2020 for $580,000, according to property records. Shortly after, he sold it to Willow in 2021 for the same price, state records show.

Willow first considered a market-rate multifamily development, consisting of a three-story building with one floor for parking, Houden said. Now, they're no longer pursuing the property, and records show that Mathie is, again, the property owner.

Today, the commercial real estate agency Newmark is advertising 9210 W. North Ave. as an office/retail space for sale for $1,995,000, marketplace sites like LoopNet and Showcase show.

"As always, we believe in thoughtful development," Houden said, "and hopefully someone comes to the table with a project that is accretive to Tosa as a whole."

More: Milwaukee has apartment high-rises with 1,500 units in the development pipeline. Here's a rundown.

More: 900 apartments could come to Mayfair. Wauwatosa would provide $58 million in financing

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This article originally appeared on Milwaukee Journal Sentinel: Tosa's vacant church building for sale after developers lose interest