The Underwriters Exchange Building, an aging downtown office building frequently overlooked, is transforming into a 75-unit market-rate apartment complex. The nine-story building, Streetcar Flats, is situated just north of E. Wells St. and the City Hall southbound stop on The Hop. To attract tenants, developer Paul Dincin has renamed the building, highlighting its proximity to the streetcar as a potential draw.
“It’s close to everything,” said Dincin in a 2020 interview, ticking off a list that included Cathedral Square Park, the Milwaukee School of Engineering campus, Milwaukee City Hall, and BMO Tower.
The Colby Abbot Building, located just one block from the Urban Milwaukee office, is currently undergoing repair or replacements of its wooden windows. The publication’s staff has been observing the progress of this work from their vantage point.
When Streetcar Flats is completed, future residents will have the bonus of enjoying the impressive view of the downtown skyline and a prominent voting rights mural on the side of the building.
The building will primarily consist of studio apartments initially planned to start at $1,100 in 2020, with the top two floors featuring larger, two-story units.
According to Dincin, who expressed his surprise, the views from the building are exceptional, including a picture of Lake Michigan. “Our concept is to keep the rents relatively small and attainable.”
“We have a beautiful lobby and nice amenities,” said Dincin. According to Dincin, the upcoming project will feature a lounge area with a pool table and a community room. The units will include standard amenities such as an in-unit washer and dryer, typically offered in new market-rate apartments throughout the city.
Chicago-based Built Form is responsible for the project’s design, while Peridot Construction Management is in charge of general contracting. The project involves gutting the old office space with outdated aesthetic features such as drop ceilings commonly found in 1980s buildings.
The top floor of the building has circular windows that resemble portholes on a ship. During pre-demolition work, the original windows were discovered behind layers of coverings. In addition, the demolition work uncovered various historical elements, including beautifully preserved crown molding on the first floor and terrazzo flooring.
Although the project was initially announced in 2018, like the streetcar extension, it faced delays. Nevertheless, substantial construction work is now in progress, and the project is expected to open before the fall of 2023, when The Hop’s lakefront line extension is planned to open.
According to state records, Dincin purchased the property for $1.25 million in 2018 through 850 W. Jackson LLC and Catapult 828 Broadway LLC. Dincin’s company, Catapult Real Estate Solutions, specializes in revitalizing distressed real estate properties. The building’s few remaining office tenants, who were not associated with the insurance professionals the building had previously targeted, have since moved to other locations.
Read the full article about the new apartment building near MSOE.
