Hines Breaks Ground on Luxury Milwaukee Community
The development is taking shape in the city’s Historic Third Ward neighborhood.
333 N. Water St. groundbreaking. Image courtesy of Hines
Hines has officially broken ground on 333 N. Water St., a 333-unit luxury multifamily development in Milwaukee’s Historic Third Ward neighborhood. Hines’ U.S. Direct Investments platform secured financing for the $165 million project, while the Union Labor Life Insurance Co. provided an additional construction loan.
In a prepared statement, Hines Senior Managing Director Tom D’Arcy said that the development will complement the live-work-play neighborhood. The city’s District 4 Alderman Robert Bauman added that the upcoming project will create various union construction jobs and will add significant value to the city’s tax base.
A community in the middle of it all
Designed by Chicago-based Solomon Cordwell Buenz, the 31-story building will rise on a 0.8-acre former parking lot that the developer acquired back in September for $6 million, according to Milwaukee Journal Sentinel.
Upon completion, the community will feature ground-floor retail and a 22,700-square-foot indoor and outdoor amenity space, as well as a fitness center, a resident lounge, a collaborative workspace, a poll and bike storage, among others. Floor-to-ceiling windows, quartz countertops and smart home technology will be some of the in-unit amenities at the property.
The development site at 333 N. Water St. is in a regional transit area, less than a mile from downtown Milwaukee and close to the Milwaukee Public Market. Situated just south of Interstate 794, the property offers connectivity to the Chicago and Minneapolis-Saint Paul metro areas via Milwaukee’s Intermodal Station.
Despite challenges in supply chains and shortage of skilled construction trades, the Milwaukee multifamily market has seen development activity picking up pace, especially in the second quarter of 2022. According to Yardi Matrix information, more than 5,700 units are currently underway across the metro, one of the projects being a 258-unit luxury community that broke ground in July.
