News Summary
The Water Tower Medical Commons in Milwaukee has been sold for $40.9 million, underscoring the ongoing expansion of the healthcare sector in the city. The five-story building, connected to Ascension Columbia St. Mary’s Hospital, spans 158,820 square feet and was constructed in 2007. This sale reflects significant developments in medical facilities, including a new cancer research center at the Milwaukee Regional Medical Center and other expansion projects aimed at enhancing healthcare services in the region.
Milwaukee, WI – The Water Tower Medical Commons, a five-story medical office building located at 2350 N. Lake Drive, has been sold for $40.9 million, as confirmed through state records. This substantial transaction reflects ongoing developments in the medical sector within the city, particularly in relation to Ascension Columbia St. Mary’s Hospital, to which the building is connected.
The Water Tower Medical Commons spans 158,820 square feet and was constructed in 2007. Its proximity to Ascension Columbia St. Mary’s Hospital positions it as a vital component of Milwaukee’s healthcare infrastructure, which is currently undergoing several expansion projects to enhance medical services and research capabilities in the region.
Significant construction is taking place at the Milwaukee Regional Medical Center in nearby Wauwatosa. Key institutions, including Children’s Wisconsin, Froedtert Hospital, and the Medical College of Wisconsin, are integral to this facility. One of the major projects underway is a new cancer research center developed by the Medical College, which is set to open this summer with a budget of $153 million. The cancer center will feature 80-90 labs and accommodate over 400 staff members, facilitating enhanced collaboration in cancer research.
The Medical College of Wisconsin is a notable contributor to cancer research, receiving approximately $70 million annually from federal agencies such as the NIH and NCI. This facility is actively involved in about 220 cancer-related clinical trials, showcasing its commitment to advancing cancer treatments and outcomes.
In addition to the cancer research center, the Milwaukee Regional Medical Center plans to establish a new state crime lab and the Milwaukee County Medical Examiner’s Office within the same complex. This initiative is part of a broader $99.5 million building project, recently approved by the State Building Commission in 2022, aimed at replacing the old and deteriorating medical examiner’s office to improve working conditions and efficiency.
Furthermore, Froedtert Hospital is progressing with plans for a new nine-story patient tower, which is projected for completion by winter 2027. This new tower will encompass five inpatient care floors and is expected to cover 225,000 square feet. Additionally, a new parking garage is set to open late summer, conveniently connected to the hospital via a bridge.
In an effort to expand its research capabilities, Versiti is planning an addition to its blood research facility with a projected budget of $79 million, expected to be completed by 2026. The organization has received $10 million in state funding for this expansion, which aims to enhance research into bleeding disorders and cancer treatments.
Moreover, I-Forest LLC has proposed a 22,000-square-foot medical office for Children’s Wisconsin at 5414 West Rawson Ave. This project is anticipated to create 48 jobs, further contributing to the local economy while supporting the growing medical needs of the community.
The sale of the Water Tower Medical Commons exemplifies not only a significant real estate investment but also the broader healthcare expansion taking place in Milwaukee. These developments indicate a robust commitment to enhancing medical research, treatment facilities, and overall healthcare services in the region.
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Additional Resources
- BizTimes: East Side Medical Office Building Sold for Nearly $41 Million
- Wikipedia: Milwaukee
- JSONline: What’s Being Built at the Milwaukee Regional Medical Center in Tosa
- Google Search: Milwaukee Regional Medical Center
- Connect CRE: Hammes Partners Buys Fully Leased Milwaukee MOB
- Google Scholar: Milwaukee medical facilities
- Daily Reporter: Children’s Wisconsin Franklin Medical Facility
- Encyclopedia Britannica: medical research
Author: STAFF HERE MILWAUKEE WRITER
MILWAUKEE STAFF WRITER The MILWAUKEE STAFF WRITER represents the experienced team at HEREMilwaukee.com, your go-to source for actionable local news and information in Milwaukee, Milwaukee County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Summerfest, Milwaukee Film Festival, and the Milwaukee Boat Show. Our coverage extends to key organizations like the Metropolitan Milwaukee Association of Commerce and Visit Milwaukee, plus leading businesses in manufacturing and brewing that power the local economy such as Harley-Davidson and MillerCoors. As part of the broader HERE network, we provide comprehensive, credible insights into Wisconsin's dynamic landscape.
