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An almost entirely vacant office building along the route of The Hop, Milwaukee’s soon-to-launch streetcar system, is likely to get new life as apartments.

Chicago-based developer Paul Dincin is proposing to redevelop the Underwriters Exchange Building at 828 N. Broadway into apartments with first-floor commercial space.

Dincin acquired the property for $1.25 million through 850 W. Jackson LLC and Catapult 828 Broadway LLC, according to state records. His firm, Catapult Real Estate Solutions specializes in turning around distressed real estate.

The developer toldthat the office building had an occupancy rate of approximately 20 percent

Dincin said the building’s location on the streetcar line and proximity to other nearby amenities, including the under-development BMO Tower, attracted him to the site. A southbound platform for the streetcar separates the building from the City Hall office building complex.

The nine-story building, built in 1924 according to city records, has 57,111 square-feet of space. It was designed by the firm of Rosman and Wierdsma, who also designed the Knickerbocker Hotel. The office building was previously known as the American Republic Building.

The property is assessed at $849,000. The property was sold by James and Carolyn Cadd and Patrick and Carol Corbett. The Cadds own a number of apartments in the city through their firm Watercrest Real Estate.

This isn’t Dincin’s first project in Milwaukee. Through his prior firm, Tandem Development, Dincin developed Cobbler’s Lofts at 234 E. Reservoir Ave., Shoeworks Lofts at 1924 N. Hubbard St. and partnered with local developer Gary Grunau on The Edge, a 77-unit, six-story condominium project at 1890 N. Commerce St.

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