(MILWAUKEE) – Hines, a global real estate investment, development, and property manager, today announced the start of construction on 333 North Water Street in Milwaukee’s Historic Third Ward, a Class A multifamily development. The project was financed through the Hines U.S. Direct Investments platform and a construction loan provided by the Union Labor Life Insurance Company.
Located at the epicenter of local and regional transit in Milwaukee, the project consists of a 31-story tower featuring 333 luxury rental units with ground-level retail and 22,700 square feet of indoor and outdoor amenity space. 333 North Water will be the only high-rise multifamily project in the Historic Third Ward and is surrounded by existing high-end retail, a thriving food and entertainment scene and the nationally acclaimed Milwaukee Public Market.
“The Historic Third Ward is the preeminent urban dining, shopping, and entertainment district in Milwaukee, and 333 North Water Street will be at the center of this dynamic live-work-play neighborhood,” said Tom D’Arcy, senior managing director at Hines. “This site is a prominent gateway to the neighborhood, and we are delivering a highly-anticipated, market-leading rental product that will further enhance the area.”
“The 333 N. Water Street development will be a significant addition to the built environment of Downtown and the Historic Third Ward,” said Robert Bauman, District 4 Alderman. “It represents a vote of confidence by a major national development firm in the economic fundamentals of Milwaukee. The project will create hundreds of union construction jobs and will add millions of dollars to the city’s tax base which funds basic services across the entire city.”
The development will be designed with best-in-market finishes, including floor-to-ceiling windows, quartz countertops, smart home technology, and private balconies in select units. It will feature an elevated amenity floor that includes a club-quality fitness center, resident lounge, collaborative workspace, and a landscaped plaza with a pool, grilling stations, cabanas, and diverse seating options. Located along the Milwaukee River, it will feature sweeping views of the river, Lake Michigan, and the downtown skyline, and will include a resident-only dog run, pet lounge, and secure bike storage on the ground floor. 333 North Water offers a direct connection to Milwaukee’s award-winning RiverWalk system and convenient access to Milwaukee’s new Intermodal Station with daily round-trip Amtrak service to Chicago and Minneapolis-Saint Paul and is three blocks from the I-94/I-794 interchange.
Hines has been active in the Milwaukee market for over a decade, delivering Northwestern Mutual’s 1.1 million square foot head quarters , and 310 units of Class AA high-rise multifamily, also for Northwestern Mutual, at 7Seventy7 (777 W. Van Buren).
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2022.