Plans for around 200 apartments near downtown Milwaukee's Park East Strip are proceeding. The development site was sold for $5 million.
Plans for around 200 apartments near downtown Milwaukee's Park East Strip are proceeding with the sale of the development site for $5 million — over five times its sales price from six years ago.
The 1.3-acre vacant lot, at 1333-1339 N. Milwaukee St., was sold to an investment group affiliated with Chicago-based LG Development Group LLC.
That's according to newly posted online state real estate records.
LG Development is planning a six-story building with 197 units, according to a building permit application filed in February with the city Department of Neighborhood Services.
Known as 1333 North Milwaukee, it will feature 7,670 square feet of retail space, as well as an outdoor pool, multiple amenity space and a fitness center, according to LG Development's website.
LG Development Chief Executive Officer Brian Goldberg couldn't be immediately reached for more information about his firm's plans for the hillside site. It runs between North Milwaukee Street and North Broadway, just south of East Ogden Avenue.
The firm has developed apartment and condo projects in Chicago. This will be its first Milwaukee development.
The Milwaukee site was sold by an investors group that once included Roers Cos., an apartment development firm based in the Minneapolis area,
The Roers affiliate bought the parcel for $950,000 in 2016.
The land for several decades housed Gugler Lithographic Co. before that printing firm shut down.
The former Gugler building was then used by Milwaukee Center for Independence, a nonprofit group that provides services for people with disabilities, before it moved in 2004 to a new headquarters built at 2020 W. Wells St.
The building was then demolished.
The development site is just across Ogden Avenue from the strip of project sites created when the former Park East Freeway was demolished in 2003.
Park East developments east of the Milwaukee River include Milwaukee School of Engineering's parking structure and soccer field and Avenir apartments.
Park East sites west of the river in recent years have been developed to include Fiserv Forum's parking structure, 550 Ultra Lofts apartments, the Milwaukee Bucks training facility and the Froedtert & Medical College of Wisconsin McKinley Health Center.
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 Park East strip apartment project site sells for $5 million
