LOGAN SQUARE — The corner building that houses cocktail bar Estereo recently hit the market at $2.1 million, setting the stage for more changes on Milwaukee Avenue.
Built in 1896, the two-story brick building at 2450 N. Milwaukee Ave. offers nearly 5,000 square feet of space, according to the real estate listing. Estereo occupies the triangular-shaped ground floor. Above the bar is a rehabbed apartment with four bedrooms and two bathrooms. The entire building was renovated last year, including the spacious lower level.
The listing highlights the building's close proximity to new developments like the $100 million Megamall redevelopment project. It also touts Estereo as a "landmark establishment."
"It's a rare opportunity to own a well-located piece of real estate that benefits from a complete rehabilitation and a first-class bar," listing broker Gregory Dietz said.
Heisler Hospitality, the group that manages Sportsman's Club, Lone Wolf, Bar DeVille and Pub Royale among others, is behind Estereo, an all-day bar known for its Latin American vibes and roll-up garage doors.
Sale or not, Estereo isn't going anywhere, according to the hospitality group.
"We have a long-term lease and plan to stay for a very long time. The real estate transaction would not affect our business," a spokeswoman wrote in an email.
Dietz doesn't envision a huge new development replacing the building — at least not right away.
The site, which used to be home to an auto shop, is currently zoned for ground-floor commercial use with residential units above. In order to build up, a developer would need a zoning change.
"If it were part of a greater assemblage, if you combined this property with the [auto repair shop] next door, then yes this could be part of a development story," Dietz said. "But this property by itself ... you can obviously build on it. But not a skyscraper."
The building sits on a stretch of Milwaukee experiencing breakneck development and a rush of trendy businesses.
Just a few doors down from the Estereo building, the 105-year-old Hollander Moving & Storage site, known for its side-facing painted signs, hit the market last month. The site is being marketed as a major redevelopment opportunity.
Last month, a proposal surfaced to open a boozy Taco Bell in the storefront on the other side of Hollander's parking lot.
The stretch is already home to ramen noodle restaurant Furious Spoon, which replaced 30-year-old Mexican restaurant El Charro last summer, as well as Deadbolt, the former Two Way's replacement. The Pink Squirrel, a cocktail bar with a 1960s supper club vibe, is opening in the former nail salon next to Deadbolt sometime this fall.
