Milwaukee Office Tower Could Seek Tax Credits for Apartment Conversion as a Historic Landmark

Milwaukee Downtown Office Tower could gain historic landmark status. The Milwaukee Historic Preservation Commission will review the nomination on July 1. Approval could make the building a unique, historically significant residential property in downtown Milwaukee.

In a surprising turn of events, a downtown Milwaukee office tower completed in 1989 is on the verge of being designated a historic building. The 35-story, 435,629-square-foot 100 East structure, located at 100 E. Wisconsin Ave. could potentially seek federal and state tax credits for its planned apartment conversion.

Klein Development Inc. and John Vassallo own the building, which was sold in August to 100 East Propco LLC for $28.75 million. 

The owners plan to convert the largely empty building into approximately 380 apartments, with construction beginning in spring 2025 after the last few office tenants relocate.

The Milwaukee Historic Preservation Commission is set to review the nomination of 100 East to the National Register of Historic Places. If approved, the building would be eligible for historic preservation tax credits, crucial for redevelopment financing, especially in light of higher interest rates.

While most properties on the National Register of Historic Places are at least 50 years old, the property’s postmodernist style and architectural features, such as limestone arches, a pyramidal roof with cupola, finials, roof cresting, vaulted ceilings, and limestone columns, may help it secure a spot on the list. 

The building’s design pays homage to Milwaukee’s architectural history and the lost Pabst Building, which 100 East replaced in 1981.

The National Park Service, which oversees the National Register, considers properties that retain their historic appearance and significance, even if they are younger than 50.

The former Marshall & Ilsley Bank headquarters (1968) at 770 N. Water St. is a comparative example of a younger building already on the National Register.

As more buildings from the 1960s are being nominated, 100 East could be the first from the 1980s to achieve historic designation in Milwaukee. 

The Milwaukee Historic Preservation Commission is expected to review the nomination on July 1. If approved, the building’s historic status could transform it into a unique and historically significant residential property in the heart of downtown Milwaukee.