Plats and Parcels: Buyer Found for Johnson Controls’ Downtown Complex

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Johnson Controls, 507-525 E. Michigan St. Photo by Mariiana Tzotcheva

Johnson Controls, 507-525 E. Michigan St. Photo by Mariiana Tzotcheva

That didn’t instrumentality long.

News broke Friday via Milwaukee Journal Sentinel newsman Tom Daykin that a purchaser is successful spot for Johnson Controls‘ seven-building downtown bureau complex. Kenosha-based Bear Development has a acquisition enactment connected the property.

The concern conglomerate announced successful January that it would relocate its 1,300 downtown employees to its suburban Glendale campus. It is expected to implicit the determination implicit a play of 2 years.

JCI presently occupies a afloat artifact of bureau buildings bounded by E. Michigan St., E. Clybourn St., N. Jackson St. and N. Jefferson St. The oldest gathering successful the seven-story complex, erstwhile its firm headquarters, dates backmost to 1902, according to metropolis appraisal records. Numerous additions were built implicit the ensuing decades. Across the seven, attached buildings determination are much than 420,000 quadrate feet of occupiable space. The complex, 507-525 W. Michigan St., is presently assessed for $25.9 million.

What does Bear program to do? President S.R. Mills told Daykin the institution is presently considering a scope of imaginable uses including bureau space, a edifice and housing.

The institution has acquisition successful each of those areas, arsenic good arsenic redeveloping aged buildings. Just a fewer blocks west, the institution led the redevelopment of the Button Block Building, 500 N. Water St., into a Homewood Suites hotel. Going further west, it developed the 700 Lofts successful a erstwhile bureau complex, 700 W. Michigan St. It secured low-income lodging taxation credits earlier this twelvemonth to conception a new, affordable flat gathering crossed the street. And it’s readying to redevelop the full Filer & Stowell bureau complex, 147 E. Becher St., successful Bay View.

In the confederate Milwaukee suburbs and stretching into bluish Illinois, Bear has acquired oregon developed a fig of bureau buildings. It besides maintains a sizable portfolio of flat buildings and different commercialized properties.

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JCI hired CBRE to marketplace its downtown field for sale.

It marks a departure from the JCI’s nationalist information of gathering a caller downtown operation successful 2015. But the city-to-suburb determination comes aft the institution has spun disconnected immoderate concern lines portion merging with Tyco and relocating its firm headquarters, connected paper, to Ireland. It spun disconnected its automotive spot business, present known arsenic Adient, successful 2016. It besides sold its automotive artillery business, present known arsenic Clarios, to Toronto-based Brookfield Business Partners for $13.2 billion. The remaining institution is focused connected gathering technologies.

In caller years, JCI sold onshore instantly westbound of its office for $5.15 million. Those parcels now location 3 hotels that opened successful precocious 2020.

A parking store utilized by employees, 535 N. Milwaukee St., is owned by the City of Milwaukee. The institution has owned a fig of properties successful Milwaukee and different suburban communities implicit its 137-year history. It nary longer has immoderate manufacturing successful the Milwaukee area.

JCI, successful its existent iteration, reports having astir 105,000 employees connected six continents. Approximately 2,000 of those employees volition soon beryllium moving successful the Glendale office.

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Bay View Addition Nears Completion

A caller flat gathering on Bay View‘s Kinnickinnic Avenue is astir finished.

BV+ (pronounced “Bay View Addition”), an 18-unit, two-story flat gathering from developer Scott Genke, is being constructed connected a formerly vacant batch astatine 2557-2565 S. Kinnickinnic Ave.

The task complements the existing Bay View Building, 2569-2573 S. Kinnickinnic Ave., located instantly south. Genke’s SG Property Development + Management redeveloped that gathering arsenic well, rehabbing 4 apartments connected the precocious level and creating a caller abstraction for Honeypie, a breakfast-focused restaurant, connected the building’s archetypal floor. The edifice opened successful caller weeks.

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Historic Designation Could Block East Side Apartments

An flat gathering projected for the country of E. North Ave. and N. Summit Ave. whitethorn request to beryllium reconfigured if 2 houses connected the tract are designated arsenic historical by the City of Milwaukee.

Historic preservation advocator and country resident Dawn McCarthy applied for city-level extortion for the houses at 2275 N. Summit Ave. and 2279 N. Summit Ave.

Developer Brian Wagner of TamaRock Ventures, who is seeking to develop a seven-story, 90-unit flat building on the corner, applied to demolish the houses arsenic good arsenic 2 four-unit structures on E. North Ave. But the Summit Avenue permits are present connected clasp arsenic McCarthy’s impermanent and imperishable designation requests play out.

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The Wërd Bar, Now Closed, For Sale

Wërd Bar is for sale.

The tavern has a bold interior, decked retired with purple lights and a sparkly, metallic bar. Owner Andrew Pakalski said Wërd (pronounced weird) became known chiefly for its predominant karaoke nights since opening successful 2018. But the concern closed successful 2020.

The 2,394-square-foot gathering at 111 W. Howard Ave. includes a two-bedroom flat connected the precocious floor. The Tippecanoe vicinity spot is listed by Andrea Jenels-Wimmer of Ogden & Company with an asking terms of $449,000.

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