Milwaukee office, house, condominium, retail, warehouse
220,000 sq.ft., historic & new market tax credits
| Start Price |
USD 5,800,000.00 |
| Current Price |
USD 5,800,000.00 |
| Time Left |
9 days 6 hours 18 minutes |
| Bid Count |
0 |
| Buy It Now Price |
- |
| Reserve Price |
- |
| Start Time |
Friday, October 17, 2008 |
| End Time |
Thursday, January 15, 2009 |
| Location |
Milwaukee, Wisconsin |
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See more about 'Milwaukee office, house, condominium, retail, warehouse'
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Description
Development Opportunity The Lindsay Building is located on the southern part of downtown Milwaukee where most of the older industrial buildings have been converted to offices, restaurants, apartments and condominiums. The buyer will enjoy one of the largest properties in the area in a unique neighborhood where values are steadily increasing. Easy access to the new freeway interchange and exit/entry ramps. The current zoning allows for additional floors to be added and either commercial and/or residential uses. The current zoning allows many uses. You could also make this one private residence and you will own the biggest private residence in the United States !!! You would surpass the square footage of the Vanderbuilt mansion (Biltmore) and push it into 2nd place!!! This building is ripe for redevelopment as it is located in the hottest neighborhood in Milwaukee. It neighbors new high priced condominiums, new restaurants and new businesses. This could be a mix of offices, retail space, condominiums and/or apartments. The building could also just remain a warehouse storage facility. Historic tax credits and Federal Renewal Community tax credits are available if desired. This includes a capital gains exclusion for properties held at least five years. This is the largest building in the historic district. Additional adjacent property is also available separately (not included in this auction). That is the 120,000 square foot Walsh building in the foreground of the picture with downtown in the background. The almost half acre parking lot across the street is also available separately. I have owned the Lindsay Building since 1989 when it was purchased from Lindsay Brothers. An opportunity to purchase this prime property has only happened once in over 100 years, do not miss it. Serious buyers can contact me to schedule a tour. THE BUILDING This historic large cream city brick warehouse with wood floors was built in 1892 by Lindsay Brothers for the distribution of agricultural equipment, buggies and sleighs . The Lindsay Building is approximately 330 feet long and 140 feet deep with oak columns. The Building has never been vacant although now it is only 10% occupied with short term leases to allow for redevelopment. The five floors total 220,000 square feet, one of which is partially below grade. It is mostly large open spaces with only two brick fire walls. There is only about 10,000 square feet of office with the rest being open warehouse space. The 44,000 square foot floor plate is divided into three areas by 2 brick fire walls. The areas of the three floor plates are 26,998 square feet and 8,536 square feet and 8,449 square feet. They are Floor to ceiling heights: B - 9'10", 1st - 12'8", 2nd - 10'9", 3rd - 10'9", 4th - 14'5" down to 8'10" (sloped roof). The large footprint of the Lindsay Building allows for the conversion of warehouse space to parking stalls as has been done in a few other projects in the area. There is also a surface parking lot across the street where additional spaces may be rented. The building is fully sprinklered with 4 dry systems and the roof has been updated. There are 4 freight elevators. The largest is a 5000 pound elevator measuring about 18 feet long by 9 feet wide. 2006 Taxes: $53,114 , 2006 Rent: $64,000 , 2006 Electric & Gas: $20,000 2007 Taxes $58,203, 2007 Electric & Gas: $18,104 THE NEIGHBORHOOD Located 1000 feet to the west across the river is the new $ 75 Million Harley - Davidson museum. The new museum complex is expected to bring in 350,000 visitors per year. There are plans to also add additional offices to the site. The 20 acre site includes some nice green space and is a great addition to our growing neighborhood. It can be seen at their website at http://www.h-dmuseum.com . They have a live web cam that you can zoom onto building in the background. Unfortunately it is 1/3 of a mile away so it is not a great image http://www.h-dmuseum.oxblue.com/?locale=en_US&bmLocale=en_US . Located 125 feet to the east is a new 12 story building with 150 condominiums. There are pre-sales of units approaching and exceeding $1,500,000.00. There is also office and retail on the 1st and 2nd floor. There are eight floors added to the original 1925 warehouse. Parking was placed on parts of the first 5 levels of the old warehouse. Although there have been construction delays, the project is now being completed and finished units are being sold. Their website is http://www.firstplacemilwaukee.com/design.mhtml . There are numerous other projects in the area. Here is a overview of projects in the area. Milwaukee Journal, May 20th 2007, Business Section Front Page : http://www.jsonline.com/story/index.aspx?id=607752 . It is an easy walk to the Amtrak train station (with new $ 17 Million renovation), the 75 acre Summerfest festival park area along Lake Michigan, Grand Avenue Mall, major banks, new Milwaukee Public Market, the Historic Third Ward area and other downtown entertainment. Bird's eye view of the buildings and neighborhood, you can see the new buildings recently built and under construction: http://maps.live.com/default.aspx?v=2&cp=r54nz97p6n5s&style=o&lvl=1&tilt=-90&dir=0&alt=-1000&scene=5431723&encType=1 . There are new projects nearby that are not shown in this slightly out dated picture. ZONING From the city website: INDUSTRIAL-MIXED (IM). This district is intended to provide for the orderly conversion of certain older industrial and warehousing areas with multi-story buildings to residential, commercial or office uses for which the buildings, at the present time, may be better suited. These areas have an urban character. Buildings were typically built without setbacks or yards and often with little or no off-street parking. The information contained herein is believed to be true, but no warranty is given. All information contained herein is subject to change without notice.
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