Downtown office building sold to redevelopers

A historic nine-story downtown Milwaukee office building has been sold to some Chicago investors who plan to convert it to apartments.

The Underwriters Exchange Building, 828 N. Broadway, was purchased by 850 W. Jackson LLC and Catapult 828 Broadway LLC for $1.25 million, according to state real estate records posted Monday.

Paul Dincin, principal of Chicagobased Catapult Realty LLC and the project developer, said his preliminary plan is to create upper-floor apartments. The building’s street level might be used as office space.

The plans haven’t yet been fully developed, Dincin said.

“I love the location,” he said. Dincin cited the building’s placement on downtown’s new streetcar service and its proximity to City Hall, the future BMO Tower, the North Water Street nightlife district and other attractions.

Catapult Realty focuses on the development, marketing, management and turnaround of urban real estate.

Dincin previously operated Tandem Developers LLC, which developed housing in Chicago, Minneapolis and Milwaukee. Its Milwaukee projects included The Edge,a 133-unit condo building at 1902 N. Commerce St., which was completed in 2010.

Tandem also converted two former Weyco Group Inc. shoe factories into condo buildings in the Brewers Hill neighborhood in the late 1990s and early 2000s. They are the 56-unit Cobbler’s Lofts, 234 E. Reservoir Ave., and the 64unit Shoeworks Lofts, 1924 N. Hubbard St. Tandem also built townhouses in the 200 block of East Reservoir Avenue.

“I love Milwaukee,” Dincin said. “I’m really thrilled to be back with a downtown property.”

The Underwriters Exchange Building is underused, with an occupancy rate of around 20 percent, Dincin said.

Its assessed value dropped from $1.95 million in 2010 to $822,000 in 2017, according to city records. It was sold by James and Carolyn Cadd and Patrick and Carol Corbett, all of Brookfield.

The building was constructed in 1923, according to the Wisconsin Historical Society.