Shorewood Reimbursed Cost for Razing of Riverbrook under Land Purchase
Wauwatosa-based Wanguard Partners purchases the vacant lot and two apartments for $1.5 million, while three developers are interested in bringing senior housing or retail shops to Shorewood.
There could soon be movement at the site of the former Riverbrook Restaurant with Wauwatosa-based Wanguard Partners purchasing the now vacant lot and two aging apartment buildings.
The commercial real estate firm bought the property at 1111 E. Capitol Dr. from Sunrise Senior Living Inc. for $1.5 million, according the Milwaukee Business Journal.
Additionally the village tells the newspaper, three developers have proposed apartments, retail shops or senior housing for the site. The developer showing the most interest is proposing senior housing. Village officials have said they would like to see senior living along East Capitol Drive, and save the back portion for more profitable housing when the market improves.
Shorewood fronted about $60,000 to raze the old Riverbrook building last summer with the agreement that Sunrise would reimburse the village through a special assessment on its tax bill.
Village Manager Chris Swartz said Monday Sunrise paid Shorewood back the $60,000 as part of closing the deal with Wanguard.
The site also was the former home of the popular Pig 'n Whistle, until it became Riverbrook Restaurant in 1992.