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The 5 Wise Workshop Development is a historic property located at 3524 West National Avenue in Milwaukee’s Silver City neighborhood. The first floor will be renovated into office space and the second floor will remain as two residential units.
The ~3,200 square foot building was built in 1916 and originally housed a jeweler. For the last 33 years the building has operated as Engine Blade and Prop, an outboard motor and propeller repair business.
5 Wise Coworking will occupy the first floor and serve all types of individuals and organizations. Emphasis will be placed on supporting entrepreneurs and artists who are starting businesses and the leaders of existing small businesses. Social enterprises (those that incorporate elements of both economic and community development) will also be priority clients. Individuals and new, emerging, and small businesses with social missions stand to benefit from a platform of professional resources and a network of innovative peers.
The 5 Wise Workshop Development is located in Milwaukee’s Silver City neighborhood. Recent nearby developments and improvements include the Menomonee Vally branch of the Urban Ecology Center, Escuela Verde, Three Bridges Park, Arlington Heights Park, and the Hank Aaron State Trail. The development is a half a block from the intersection of 35th and National, an spot that is becoming known as a confluence for international cuisine.
The 5 Wise Workshop Development is being co-developed by LushProduction, an economic and community development firm, and Fix Development LLC. The project integrates real estate, economic, and community development. This approach makes it possible to experiment with the commercial space to find a best-fit tenant for the building and neighborhood while diversifying risk for investors and improving the probability of success for the business tenant. Many small and new businesses pay a significant portion of their potential profits as rent to their landlords. By integrating the real estate and business development, the business owner can build equity that can then be used in support of the business.
All available space within the 5 Wise Workshop has been leased.
The first floor will undergo renovations with the intention of being ready for occupancy within 90 days of closing. The occupant will be a collaborative workspace called 5 Wise Workshop that caters to local businesses, organizations, and independent workers. The space will also be available for events a limited number of days and evenings each month. Space improvements will include a bathroom upgrade, meeting room buildout, and re-doing the ceiling, walls and floors.
The second floor is comprised of a studio apartment and a three-bedroom apartment. It is currently fully occupied. No changes are planned to the second floor until the first floor is developed and occupied. Once the first floor is activated, potential changes to the second floor include basic improvements such as new appliances and removing the carpeting and refurbishing the wooden floors. The second floor will continue to be residential units for the duration of the project.