Developer Paul Dincin has announced plans to convert the historic Underwriters Exchange Building in Downtown Milwaukee, situated along the city’s new streetcar line, into around 75 apartments.
The building will be renamed Streetcar Flats, and renovations are set to begin in February, with the apartments expected to open by spring 2020.
The building is already zoned for high-density residential use, so it will not require Plan Commission and Common Council review.
The building was purchased by two Catapult Realty affiliates for $1.25 million in April.
According to Dincin, the new streetcar line is a positive factor for the building’s location. The Hop, which had its grand opening on November 2, runs through downtown and the Historic Third Ward from the Milwaukee Intermodal Station to Burns Commons.
Dincin supports The Hop and sees it as a good investment for the future direction of downtown.
The building, originally constructed in 1923 in the 20th Century Commercial style, will be restored by Catapult to include co-working space on the first floor, game room, lounge, party room, theater, storage lockers, and bike storage with a repair rack.
Remodeling plans include restoring the original terrazzo floors and lobby molding that has been uncovered. Dincin noted that top-floor apartments will have views of Lake Michigan.