Real estate development company Platform II-Wisconsin LLC intends to convert a historic warehouse on Milwaukee’s west side to self-storage. The company acquired the eight-story, 102,600-square-foot building at 3742 W. Wisconsin Ave. for $1.8 million from Coakley Wisconsin Avenue LLC. The storage facility is expected to comprise 1,000 units, with project completion anticipated by the end of 2018, according to a source.
Platform II is led by Scott Krone, who also runs Coda Design + Build, a Northbrook, Ill.-based firm specializing in residential real estate consultation, design and construction services. Krone is seeking federal and state historic-preservation tax credits to help finance the project, a source reported. The facility will be his first storage development in Wisconsin, though he’s built four in the Chicago area.
Constructed in 1928, the warehouse is a landmark known for its clock tower. It was designed by Eschweiler & Eschweiler, an architectural firm responsible for several celebrated buildings in the city. It overlooks the Miller Brewing Co. complex and the Miller Park baseball stadium. As part of the purchase, Krone agreed to preserve the historic integrity of the structure, a source reported. He’ll also keep the clock at the top of the building.
“The demographics of the area are outstanding,” Krone told a source. “There are not a lot of options in the neighborhood for this type of use.”
Coakley Wisconsin Avenue is an affiliate of C.H. Coakley & Co., a moving and storage firm. The company’s roots stem from Coakley Brothers Co., which built a series of warehouses in Milwaukee during the 1920s, according to the Wisconsin Historical Society.
- BizTimes: CH Coakley-Owned Warehouse Sold for Self-Storage
- Milwaukee Journal Sentinel: Historic Coakley Warehouse on Milwaukee's West Side to Be Converted Into Self-Storage Center