Buildings sold for downtown Milwaukee Marriott

Jackson Street Management LLC closed the purchase of buildings in downtown Milwaukee and will begin construction this year on its planned 200-room Marriott Hotel.

The company in January received city approval to build the $54 million hotel near the corner of East Wisconsin Avenue and North Milwaukee Street. Since then, the Milwaukee-based developer has been lining up financing, designing the project and closing the building purchase. Jackson Street Management is using financing from foreign investors through the federal EB-5 immigration program.

The hotel will have openings onto Wisconsin Avenue and Milwaukee Street and will be built around the Johnson Bank building on the corner, which will not be affected by the project. Jackson Street Management will demolish most of the buildings it just bought, preserving facades on Wisconsin Avenue and saving materials to be used in the construction of the new hotel. Construction of the hotel is to begin later this year.

Reported by:  The Business Journal serving Greater Milwaukee