Ambassador Hotel owner sells several near west side properties for $16M to Illinois-based group
Real estate developer and investor Rick Wiegand, whose projects include Milwaukee’s revitalized Ambassador Hotel, has sold several properties — with the proceeds to be used to create another near west side hotel.
Affiliates of Wiegand Investments LLC have sold 11 apartment buildings totaling 231 units; a single-family home and two vacant lots to groups led by Zio and Sal Becovic, of Chicago-based Becovic Management Group, according to newly-filed state real estate records.
The properties are all located on the near west side.
The largest are a 55-unit building, 2435 W. Wisconsin Ave.; a 36-unit building, 2807 W. Michigan St.; a 34unit building, 833 N. 21st St., and a 33unit building, 825 N. 22nd St.
The sales prices totaled $16.15 million.
Wiegand told the Journal Sentinel the sales will “provide the funds to continue development of the Grand Avenue Suites and Liberty Square.”
Grand Avenue Suites is the conversion of a historic former school, 2708 W. Wisconsin Ave., into a 23-room extended-stay hotel previously known as the Ambassador Suites. It is to open by June 2022.
Liberty Square is an exterior courtyard being developed just north of the hotel.
Wiegand also is converting the neighboring and historic former Tower Theater, 757 N. 27th St., into a banquet facility for the Ambassador Suites.
Weigand’s best known property is the Ambassador Hotel, 2308 W. Wisconsin Ave.
He bought the historic art deco hotel, which was then rundown, in 1995.
Wiegand later revived it with extensive renovations, completing that project in 2005.