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191 Michigan - 191 W Michigan St & 522 N 2nd St 1.84 Acres of Commercial Land in Milwaukee, WI 53203
Investment Highlights
- + Prime Infill Development Site - Rectangular parcels, C9f(A) zoning, unimpeded views, & income from parking helps cover carrying costs
- + Proximity to Nearby Amenities - Walking distance to two food halls, one block from Milwaukee RiverWalk, & multiple live music venues are near
- + Milwaukee's Long-Term Growth Plans - Milwaukee's 2040 Plan envisions adding 15,00 housing units downtown
- + Exceptional Access & Connectivity - Adjacent to I-794 interchange, near public transportation, & four blocks from the Milwaukee Intermodal Station
- + Westown Neighborhood Renaissance - Major employers moving to area, the Iron District MKE, Baird Center expansion, & Deer District momentum
Executive Summary
The Westown neighborhood is experiencing a renaissance, with a myriad of new and exciting developments and enhancements to existing properties taking place within several blocks of the subject site. Notable newcomers that have already begun to bring thousands of employees and visitors to the immediate area include the Fiserv HQ at Hub640, Milwaukee Tool, Regal Rexnord, and 3rd St. Market Hall at The Avenue. Also forthcoming is the ~10-acre transformative mixed-use sports and entertainment development, the Iron District MKE, which will incorporate an 8,000-seat professional soccer stadium, housing, music, retail, dining, and hospitality. The neighborhood is most well known on the national map for the Deer District/Fiserv Forum, home to the 2021 NBA Champion Milwaukee Bucks.
With Milwaukee’s Downtown Plan 2040 aiming to boost the downtown population from its current ~17,000 residents to 40,000 and increasing downtown employment from 60,000 to 100,000 jobs, the Property is well-positioned to capitalize on this growth trajectory. New ownership may explore developing the site to its expected highest and best use of multifamily residential or pivot to alternative zoning-allowed uses, including office and hotel.
Property Facts
1 Lot Available
Lot
| Lot Size | 1.84 AC |
| Lot Size | 1.84 AC |
The Property consists of two parcels currently operated as surface parking lots at 191 West Michigan Street and 522 North 2nd Street, with additional frontage along Clybourn Street.
Description
Nestled in the southeast corner of the Westown neighborhood and taking up a half-city block, 191 West Michigan Street and 522 North 2nd Street provide an ideal multifamily development site. Boasting a Walk Score of 95, Bike Score of 85, and Transit Score of 74, the Property has all the necessary nearby amenities, entertainment, and connectivity to provide an accommodating community to its future residents. West Clybourn Street borders the Property to the south and West Michigan Street borders the Property to the north, providing the Property with ready access further into Milwaukee’s Central Business District as well as onto I-794. The properties adjacent to the Subject Property include the WEC Energy Group (a Fortune 500 Company) headquarters directly to the west, parking garages serving The Avenue to the north, and a Cambria Hotel and separately owned parking structure to the east. Metered street parking is available on all three streets fronting the Property. The Property consists of two parcels separated by a public alley. Prospective buyers may consider exploring options to vacate the alley with the municipality. There are detailed potential multifamily development options in the Offering Memorandum.
Presented by
191 Michigan - 191 W Michigan St & 522 N 2nd St
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