Cudahy Tower Apartments sells for $16.5 million--nearly one year after Michael Cudahy's death.

Downtown Milwaukee's historic Cudahy Tower Apartments has been sold − nearly one year after business leader and philanthropist Michael Cudahy died.

Cudahy Tower, 925 E. Wells St., was sold by the Cudahy Foundation to the Crichton family, who operate Shoreline Real Estate. The sale price was $16.5 million, said Marvin Bynum II, an attorney involved in the transaction.

"The Crichtons are honored to continue the legacy of the late Michael Cudahy and his daughter Julie, providing the same level of care for the property and first class experience for its residents," according to a statement released by Bynum.

Known for a Neoclassical design and its white glazed brick and terra cotta, the 14-story Cudahy Tower was built in 1928 and 1929, according to the Wisconsin Historical Society.

It's connected to a seven-story condominium building, today known as The Cudahy. That building, at 777 N. Prospect Ave., opened in 1909, according to the society.

The older building was developed by Patrick Cudahy.

That wealthy meatpacker's self-named company was the driving force behind its namesake South Shore community − where Patrick Cudahy Inc. still operates as a unit of Smithfield Foods Inc. A second generation of the Cudahy family built Cudahy Tower.

Michael Cudahy was a grandson of Patrick Cudahy.

Michael Cudahy was the co-founder of Marquette Electronics Inc., later known as Marquette Medical Systems Inc. The firm became recognized as the worldwide leader in patient monitoring systems.

When it was sold to GE Medical Systems for $810 million in 1998, Cudahy pivoted to a new role as one of Milwaukee's most high-profile philanthropists.

Among his best-known projects: the development of Discovery World along the lakefront and the Pabst Theater's restoration.

Michael Cudahy died in March at the age of 97.

Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, Twitter and Facebook.

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This article originally appeared on Milwaukee Journal Sentinel: Milwaukee's historic Cudahy Tower Apartments sells for $16.5 million