By: Tom Daykin, Milwaukee Journal Sentinel October 17, 2016
The developer of a mixed-use project in Milwaukee’s Walker’s Point neighborhood has purchased an adjacent building and its parking lot.
The two-story, 10,800-square-foot building at 315 S. Water St. was sold last week for $1 million to LCM Funds 36 Midtown LLC, according to state real estate records.
The building, which housed the recently closed Midtowne Spa, was sold by Michael Zappas and Zappas Family Trust of Artascadero, Calif., according to real estate records.
Developer David Winograd, who operates LCM Funds, said he has no immediate plans for the building. Winograd said it could be a possible restaurant site.
“We’ll find something to benefit (nearby) residents,” Winograd said.
Winograd said the purchase was done mainly to acquire the property’s parking lot.
Winograd is continuing to expand South Water Works, a mix of apartments, offices, retail space and the Next Act Theatre. That development is between S. Water and S. Barclay streets, south of E. Pittsburgh Ave.
South Water Works needs more parking for its office tenants, Winograd said. That includes Traction Factory, a business development and communications firm that plans to move this fall from 735 W. Wisconsin Ave. to South Water Works.
Traction Factory in May announced it was leasing 10,000 square feet, more than double its current space, in a two-story former industrial building that Winograd is redeveloping at 247 S. Water St.
Original article can be found here.