Developer purchases Water St. building
A historic, 128-year-old downtown building was purchased this week by prominent Milwaukee development firm J. Jeffers & Co. for $1.4 million, according to the firm’s president, Joshua Jeffers.
The building, at 518-22 N. Water St., was purchased from RAM Real Estate Holding LLC, which has owned the property since 2010. The building is valued at $1.12 million, according to the city assessor’s office.
The four-story property is a multiuse facility, housing the popular bar Fire on Water. Jeffers said the building is fully leased and in great condition, with four commercial tenants and seven residential tenants. Jeffers said he has no major changes planned for the building.
When the building first went on sale about three months ago, Jeffers said, he almost passed on it, but considered the purchase a strategic move.
“We own a collection of other historic buildings in that area,” Jeffers said. “It made a lot of sense, given the location.”
The firm recently developed the historic Mackie and Mitchell buildings, both of which are now fully leased, as well as a 29,000-square-foot covered parking lot near the 518 N. Water St. building. He said being able to provide parking for the residential tenants was another motivator for the purchase.
Other developments either proposed or underway by Jeffers include the Milwaukee Athletic Club, 758 N. Broadway, and the former Garfield Avenue Elementary School, 2215 N. Fourth St., now dubbed The Griot.