The first is the former Chancery restaurant at 4624 S. 27th St., which closed in September after 33 years in business. An online auction was held in December for the 8,000-square-foot building, with the opening bid set at $895,000, but it did not sell. Marcoux said ideally another sit-down restaurant will go into the building, but he wants to let the neighborhood decide what type of business the city should go after for the property, which is located just off of I-894. The other site is the 160-year-old Wildenberg Hotel, 3774 S. 27th Street. The city of Milwaukee acquired the historic property in August 2013, and has had a “for sale” sign on it since. Marcoux said two developers are interested in the site, but the city has decided to let the neighbors decide what’s best for the building and the land. “We want to talk about the future, see what the most developable sites are and do what is best for the street,” Marcoux said. “We hope to conclude by (the end of) 2016 and bring a plan to the Milwau-
kee Common Council.” Russ Sagmoen, a retail broker with Colliers International|Wisconsin, said attracting retail tenants to that area of South 27th Street is difficult because it is hard to access. “There are not a lot of rooftops and that is a concern for me,” Sagmoen said. “When they redid the (Mitchell) interchange, it completely changed the traffic pattern. If you miss the off ramp you miss the whole area.” Sagmoen said service-based retail, such as medical office, would serve the street well, given its proximity to Aurora St. Luke’s Medical Center. A recent bright spot is Plano, Texasbased At Home’s plan to renovate and occupy the 120,000-square-foot former Kmart store at 4595 S. 27th Street. The Greenfield Common Council approved At Home’s application in February. This will be At Home’s second store in the area. The retailer opened its first location in October in a former Kmart store at 3201 N. Mayfair Road in Wauwatosa. Milwaukee-based Fiduciary Real Estate
The Chancery, 4624 S. 27th St., closed in September after 33 years in business. The Historic 41 BID is considering what is best for the site.
Development is also in talks with Reardon to purchase an 11-acre parcel of vacant land just west of the Braeger Ford auto dealership at 4201 S. 27th St. Fiduciary wants to build 220 to 250 market-rate apartments, said Chuck Erickson, Greenfield community development manager. If the development moves forward, it will add households South 27th needs to sustain the retailers the Historic 41 BID is trying to attract.
“If a project like this moves forward, it gets more wheels on the street and that is always a good thing,” Erickson said. “Folks living there can take advantage of nearby services, restaurants, buying a car, going bowling. 27th Street has the full gamut of what folks are looking for.” n Get the latest real estate news delivered to your inbox every Wednesday. Sign up for BizTimes’ Real Estate Weekly at biztimes.com/subscribe.
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