Cardinal Capital Management, Inc., Vangard Group, LLC, and Endeavour Corp. have partnered to redevelop a historic downtown building. Germania has been a Milwaukee landmark since it opened in 1896. It has been on the Historic Preservation list since 1983. Its long overdue $22 million renovation will bring it back to life as a mixed income, mixed use building in the center of Milwaukee. There will be 46 market rate apartments, and 44 tax credit apartments available to persons making up to $35,000 annually. There will be 9,000 square feet of vibrant, first floor commercial and office space. State and Federal Historic Preservation Commissions have reviewed and approved the architectural plan.
Germania will provide a convenient and affordable housing option for persons looking to access downtown's employment, education and entertainment opportunities.
The redevelopment of the Germania building will assist in fulfilling the agenda set forth in the City of Milwaukee's Downtown Comprehensive Plan, which suggests that downtown class B and C office buildings should be converted into residential housing.
The goal is to eliminate the overabundance of obsolete downtown office space, which has contributed to the low rental rates and the high vacancy rates. Once the class B and C buildings are converted, it will cause the remaining class A and B buildings to attract more stable rental rates.