Milwaukee riverfront property for sale after condo project proposal

Milwaukee-based Wangard Partners listed a Milwaukee riverfront parcel for $6.5 million after a five-year-old proposal to build condominiums ended.

The 2.66-acre lot at 1693-1701 N. Water Street is for sale through broker The Barry Company. The property has 560 feet of river frontage and is within walking distance of several grocery stores and prominent Milwaukee restaurants.

In 2018. Wangard Partners announced plans to build a 70-unit condominium complex called Brady & Water, but those plans didn’t go forward. The developer tapped architecture firm RINKA for designs.

Stu Wangard, executive chairman of Wangard Partners, said the site was a wonderful location but better suited for a high rise. His company has taken on a few multifamily, industrial and business park projects in the metropolitan area and the rest of the state, which he noted is the firm’s core.

“We have a team that is very skilled in developing large, mixed-use communities with two- to four-story multifamily buildings. There are other people who are better off at doing high rise construction and we let it go. We’ll take the capital from this and reinvest it in our core business,” Wangard added.

Wangard said he was confident in finding a reputable buyer and added that the firm would consider leaning equity in for the right party.

“It’s one of the few sites remaining where you’re on the water and you can use it for stand-up paddleboarding, kayaking or boating. The site has significant frontage,” Wangard noted.

Wangard looks across state for significant projects

The developer has several significant projects in the region, including the 278-unit Tivoli project in Mount Pleasant, with another 180 units on the way. The firm acquired more land in Oconomowoc and will add around 46 units to an existing 180-unit development. Wangard said he expects to see more demand with the ongoing Microsoft project in Racine County.

Wangard leased a 150,000-square-foot industrial building in Sussex as part of its 110-acre Highlands Business Park. The firm will build another 130,000 square feet depending on permitting. The company also completed a 236,180-square-foot Class A industrial building in Franklin.