Posted by: Jack (report)
April 3, 2008, 1:49 p.m.
I grew up in Milwaukee and save college and three years in London, I've always lived here. I was always appalled as a teenager when I would go downtown and look right on 794 to see The Third Ward--so close to downtown, yet such a dilapidated mess.
When I moved back in 1994, I started a relatively high end artistic remodeling company. My parents flipped out, thinking that I would end up living in their basement well into my 30s.
That reaction was nothing compared to the look on my father's face when I told him that I bought an entire WAREHOUSE in The Third Ward in 1995. He told me that he was disappointed and that I was nuts. He asked me why I even went to college if I didn't learn anything.
I ran my business out of the back side of the warehouse, rented out some apartments and artist lofts upstairs, and eventually rented out the front side as retail and a small restaurant. I used the downtime at work as an opportunity to refurbish the building, one space at a time.
I paid $162,000 for my building in 1995. I bought an adjacent piece of land in 1997 for additional parking. I bought another, smaller building in 1999.
I resisted numerous offers over the years, but finally sold all three buildings and my business in 2004. I'm not wealthy enough to never have to work again, but let's just said that The Third Ward did well in terms of appreciation over the nine years that I worked there and owned buildings there.
I still live nearby, less than one full block from the Milwaukee Public Market, and I love it. The Third Ward is my favorite part of Milwaukee--so close to everything, yet quiet enough to not feel uber urban. It has gotten expensive, to be sure, but just as with anything else, you get what you pay for in terms of real estate.
J
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I grew up in Milwaukee and save college and three years in London, ...
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