A vacant 98-year-old warehouse in Milwaukee’s Brewers Hill neighborhood will be converted into 19 upper-end apartments, under a proposal by a local development company.
Olson Management Group LLC has agreed to buy the 22,500-square-foot building, said Sonny Bando, an Olson partner. Olson plans to renovate the two-story building into a mix of apartments, ranging from one to three bedrooms.
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Olson will seek federal and state historic preservation tax credits to help finance the project, Bando said.
Building owners that receive the credits are required to follow strict rules on renovating their properties to preserve their historic nature.
The building, which Hastings Air Energy Control Inc. used previously, has been vacant three years, Bando said.
The apartments will have market-rate rents, he said, starting at roughly $800 a month.
The project is scheduled for city Plan Commission review.
Olson Management, which is led by real estate investor Tim Olson, hopes to begin construction by November.
The project will take around six months to complete, Bando said.
Olson Management also is buying a 12,000-square-foot just south of the site, Bando said.
The company plans to renovate that vacant building into office space, he said.
Both buildings are owned by investors groups led by developer Richard Wiegand.