Condo News Highlights

A former tannery in Milwaukee's Bay View neighborhood has been sold to a Mequon firm that will convert much of the complex into a $20 million housing development, targeting artists and other "creative class" home buyers.

78544Tannery Conversion

 

The J. Greenebaum Tanning Co. property, 2625 S. Greeley St., was sold to an investors group led by General Capital Group.

 

The former tannery, with buildings totaling over 200,000 square feet, is known as the Hide House, and includes around 60,000 square feet now used to house artist studios, graphic designers and other work space.

 

General Capital plans to eventually convert unused portions of the property into 150 condos, said Sig Strautmanis, vice president of development.

 

Some of the unused space will be converted into commercial use, he said, and about 10,000 square feet will be demolished because it's beyond repair.

 

Construction on the project's $5 million first phase, which would create 24 to 30 condos within 30,000 square feet, is expected to begin by summer 2007, Strautmanis said Thursday.

 

Those units, ranging from roughly 700 to 1,200 square feet, will be priced at around $150,000 to $225,000, he said.

 

The first phase will take about 10 to 12 months to construct.

 

The condos will be marketed to first-time home buyers looking for affordable, loft-style housing, Strautmanis said.

 

The targeted market will include artists and others looking for condos large enough to include studio space or other work space, Strautmanis said.

 

That could include artists who were priced out of the Historic Third Ward after that neighborhood experienced a boom in pricey condo construction, he said.

 

The former tannery was renamed the Hide House after being purchased in 2001 by Alton Enterprises for $950,000. The complex then was mostly empty, although portions were used for storage and to house some small businesses.

 

Alton principals Alton and Gibson Bathrick converted portions of the property into studio and rehearsal space for artists and musicians. Gibson Bathrick will be consulting with General Capital on the Hide House's continued redevelopment, Strautmanis said.

 

"The Bathricks have done a lot of work on the project," Strautmanis said. "We look forward to picking up where they left off."

 

General Capital's investors group paid $2 million for the Hide House, according to documents filed with the Milwaukee County Register of Deeds.

 

General Capital has built several apartment and retail buildings throughout the Milwaukee area.

 

Its investors group on the Hide House purchase includes developer Robert Joseph, who has converted Third Ward industrial buildings into office space and housing.