- At-Risk Development
- Owner Representation
- Property Management
Purchase Date: July | 1999
Purchase Price: $47.3 million
Equity: $2 million
Sale Price: $53.1 million
Sale Date: June | 2018
- 600,000 SF vacant department store transformed into 425,000 SF mixed-use project
- Condominium structure
- CREW-Wisconsin | Real Estate Showcase Awards: Grand Showcase Award
- CARW Investment Award – ASQ Center
A rapidly deteriorating, historic department store building built in the 1880s needed new life. Where other developers saw great risk, Irgens and project partner Williams Development Corporation saw great potential. The team put together a sophisticated financing package that included a combination of tax increment financing, conventional financing, private investments and historic tax credits. A complete building transformation ensued and the “white elephant of downtown Milwaukee” as it was known, was transformed into a highly successful, mixed-use property that became a catalyst for the downtown area resurgence. The property is seamlessly operated under a condominium association including three distinct ownership groups. Property uses include a 131-room hotel, 173,600 square feet of Class A office space, 66,400 square feet of retail space, 143-stall underground parking garage and a 357-stall freestanding parking structure with additional retail space.
The American Society for Quality purchased a 96,000 square foot commercial condominium at completion of construction in 2001. The hotel was developed with an experienced owners operator and sold to another operator in 2007. The multi-tenant office/retail component was ultimately sold in 2008.