A 295-unit mixed-use residential high-rise is in the works for one of the Historic Third Ward’s most high-profile sites.
The tower is planned for what is now a parking lot between North Water Street and the Milwaukee River, south of East St. Paul Avenue.
That’s according to the newly posted agenda for Wednesday’s meeting of the Historic Third Ward Architectural Review Board. The board is to do a preliminary review of the proposal.
The agenda indicates Hines Acquisitions LLC, a privately owned global real estate investment, development and management firm, is the developer.
Hines said Monday the project architect will be Solomon Cordwell Buenz, which designed 7Seventy7.
That 35-story, 310-unit apartment tower, which opened three years ago at 777 N. Van Buren St., is owned by Northwestern Mutual, which hired Hines to oversee that development.
The Third Ward project, dubbed 333 N. Water, will feature 295 luxury apartments and more than 400 parking spaces, according to Hines. The firm didn’t say how many stories it would be, although the ground floor would be set aside for retail use.
“Designed once again by Solomon Cordwell Buenz, with a long history of sensitivity to the character of historic districts, we are confident this project will further enhance the community for the people living and working in this vibrant neighborhood, while also generating an economic boost and requiring no public assistance.” said Tom D’Arcy, Hines senior managing director, in a statement.
Additional details are expected to be disclosed at Wednesday’s review board meeting.
It would be by far the tallest building in the Third Ward, easily eclipsing a 10-story Marriott Tribute Portfolio hotel, planned for 125 N. Water St., and the nine-story Kimpton Journeyman Hotel, which opened in 2018 at 310 E. Chicago St.
The development site, 333 N. Water St., is at the neighborhood’s north entrance.
It was sold in 2017 for $5.6 million to Dehl Properties LLC, an affiliate of Interstate Parking LLC, according to city assessment records.
Interstate Parking is led by Tony Janowiec, who also operates Interstate Development LLC.
Janowiec’s firm is involved in such projects as The Avenue, which is converting the former Grand Avenue mall into offices, apartments, retail space and 3rd Street Market Hall food hall, and the Milwaukee Athletic Club’s redevelopment that includes new apartments.
Janowiec and his partners initially had conceptual plans for a $75 million to $90 million building with 20 to 30 stories on the Third Ward lot.
Along with a hotel, with 125 to 145 rooms, those conceptual plans called for 165 to 265 condominiums or apartments, street-level retail space and enclosed parking.
Janowiec on Monday declined to comment on the Hines proposal because of a confidentiality agreement.
The parking lot has long been considered a valuable Third Ward development site. It was sold in 2017 for nearly five times its assessed value of $1.2 million.
The 34,500-square-foot parcel is next to the Renaissance Building, 301-309 N. Water St., an office building where Physicians Realty Trust Inc. moved its headquarters in 2015.
It is also near the Milwaukee Public Market, 400 N. Water St., and the Mercantile Building, 318-324 N. Water St., which in 2018 added more office and retail space.
Other Third Ward developments include Wimmer Communities’ plans for the 102-room Marriott Tribute Portfolio.
That proposal calls for renovating the five-story former Harri Hoffmann Co. building and building a 10-story addition on the empty lot just south of that building.
Also, Joseph Development Group LLC is finishing a six-story, 60-unit apartment building at 323 N. Jefferson St.
Read More: Milwaukee mixed-use residential high-rise coming from Hines