The century-old home of Paul Weise Furniture on Milwaukee's east side might be demolished to make way for a new apartment development.

But the neighborhood's alderman opposes razing the building, calling it a significant historic property.

Real estate investor Paul Weise, whose great-grandfather started the business, and Steve Stein, who owns the building and operates the furniture store, are seeking a city demolition permit, according to new Department of Neighborhood Services records.

Weise said Monday their plans could involve tearing down the three-story, 15,300-square-foot building, 1534 N. Farwell Ave.

That would leave a 10,200-square-foot lot that is within walking distance of downtown, E. Brady St. and the lakefront.

"That happens to be a fantastic location for apartments," Weise said.

The site's zoning restricts the building height to 85 feet, which Weise said would allow for development of a building with around six to seven stories.

Ald. Nik Kovac, whose district includes the site, wants the building preserved.

However, Weise said his application for state historic preservation tax credits was rejected because the building wasn't considered historically significant.

Weise said he and Kovac will continue to discuss plans for the property, including the use of city funds to help finance a possible redevelopment.

"We are looking at several other uses," Weise said. "Nothing has been decided yet."

Kovac said recent historic building redevelopments that were partly financed with city funds include the Mackie Building, featuring the conversion of offices to 25 apartments, and the conversion of the Germania Building's offices into 90 apartments.

The Paul Weise Furniture building will likely be nominated and designated as historic by the city Historic Preservation Commission, Kovac said.

That designation would require the building's owners to get commission approval for any exterior changes, including demolition. The owners can ask the Common Council to overturn commission rulings.

The building's facade was designed by prominent architect Alexander Eschweiler, whose other work includes the former Wisconsin Gas Co. headquarters, 626 E. Wisconsin Ave., and a mansion that now houses the Charles Allis Art Museum, 1801 N. Prospect Ave.

Paul Weise Furniture was started by Weise's great-grandfather in 1886. The business initially both made and sold furniture.

The building was constructed in 1913, according to Weise's demolition permit application.

"This is not a close call," Kovac said. "This is clearly a historic building in Milwaukee."

Weise sold the building and the business to Stein several years ago.

If the apartment development happens, Stein said he would likely relocate Paul Weise Furniture to a more modern, less costly suburban location.

Tom Daykin can be reached attdaykin@jrn.com