In the summer of 2013, we told you about a one-story warehouse at 2940 W. Thompson St., and expressed that it would be an attractive real estate investment. We weren't so enthralled with the building itself, we instead imagined the building's demolition and 7 new townhomes or a creative multi-family project rising at this address. So we were quite surprised about a year later when we learned that MM Partners had bought the property and were maintaining the building as a "creative hub" that housed a live performance ice sculpting company and a band rehearsal space, among a couple of other tenants. We did, however, appreciate the sweet mural that appeared on the side of the building, loudly pronouncing its address to the world.
The world makes sense again, as MM Partners sold the building earlier this year and the new owners are moving forward with something like what we originally expected three years ago. Over the summer, they got a by-right permit for a six-story building with underground parking, industrial use on the first floor (animal husbandry, we hope!), and 40 units above. Of course, this plan will mean the demolition of the existing building. We don't know whether any of the creative hub tenants are still in the building, we're hoping they'll stick around the neighborhood once it gets torn down.
This project would have made sense in 2013, but it makes all kinds of sense today. When we first brought this property to your attention, we looked west on Thompson Street and saw a stretch of vacant land.
Today it's a very different story, as Westrum has built 114 new units through the 31 Brewerytown project. With a clear market for new construction rentals, the redevelopment at 2940 W. Thompson St. becomes a no brainer.
We are still wondering though, about the industrial use on the first floor. Will the creative hub make a comeback in the new building? What else might make sense here?