by Adriana Pop, Associate Editor
Endeavour Corp. Inc. plans to convert the 118-year-old Germania Building in downtown Milwaukee to 78 affordable apartments.
According to the Milwaukee Business Journal, the local development firm would buy the 90,000-square-foot building from Equitable Bank SSB of Wauwatosa for $3 million and spend $14 million to restoring the property. Endeavour wants to finance the redevelopment through state affordable housing tax credits.
Upon completion, the eight-story building at North Plankinton Avenue and West Wells Street would also feature 14,000 square feet of commercial space.
Once the home of George Brumder’s German-language publishing firm, the building is listed on the National Register of Historic Places and currently includes office and retail space. Equitable foreclosed on the property last year.
Also on the project team are Vangard Group L.L.C., an affordable housing developer, and Korb Tredo Architects of Milwaukee, the newspaper reports.
In commercial real estate news, BizTimes reports that an affiliate of Warwick, R.I.-based Magna Hospitality Group L.L.C., recently acquired the 138-room Hampton Inn & Suites hotel in downtown Milwaukee. An affiliate of Oxford Capital Group L.L.C. of Chicago sold the 10-story, 107,754-square-foot property at 176 W. Wisconsin Avenue for $8.3 million.
Elsewhere in downtown Milwaukee, Magna owns a 103-key Fairfield Inn & Suites hotel at 710 N. Old World Third St., which it acquired in 2012. Magna renovated and re-branded the former Best Western last year.
Photo credits: Steven Reyer via Wikimedia Commons