Hines purchases Third Ward site for 31-story apartment tower

Acquisition of Water Street site coincides with approval of $109 million construction loan for project

Houston-based real estate development, investment and management firm Hines has purchased the Third Ward parking lot along the Milwaukee River where it plans to build a 31-story apartment tower.

Hines paid $6 million for the 0.8- acre lot at 333 N. Water Street in the Third Ward, purchasing it from Dehl Propertiies, LLC, an affiliate of Milwaukee-based Interstate Development, according to state records.

Hines purchased the land on the same day that the company closed on a $109 million construction loan for the project, said Tom D’Arcy, Hines senior managing director...