[2.6.25] Milwaukee developer Cobalt Partners plans Third Ward restaurant (Milwaukee Business Journal)

A new restaurant is planned in Milwaukee's Third Ward — across from Café Benelux and the Milwaukee Public Market — after current occupant Cobalt Partners relocates its first-floor offices in the space to the top floor.

Milwaukee developer Cobalt Partners said Thursday that it has acquired the top floor of the Commission House building at 400 N. Broadway and will move its offices there later this year. The move follows a significant design and renovation effort led by Milwaukee-based architectural firm Rinka, Cobalt said in a press release.

“An office does not represent the highest and best use of our current space,” said Scott Yauck, CEO of Cobalt Partners. “Leveraging the energy of the area and creating a desirable amenity for our building makes good sense — both pragmatically and financially. Moreover, these transactions allow us to relocate our businesses to a state-of-the-art space featuring 360-degree views of the city and an expansive terrace that will better serve our growing firm.”

The Commission House building was constructed in 1911. It was originally home to the commission and wholesale grocery firm E.R. Godfrey & Sons Co., according to the Wisconsin Historical Society. The 10-floor building now houses about 30 condo units in addition to commercial space.

The company's press release did not disclose terms of the transactions. A request for more information was not immediately returned.

Public records show a 10th-floor condominium unit being sold in January to Cobalt Atelier LLC, at 400 N. Broadway, for $1.1 million.

The firm said specific plans and branding details are still under development for the restaurant, but concepts not yet available in the city are on the table. Yauck has traveled to the Los Angeles area, Spain and Italy to explore innovative restaurant concepts not currently offered in Milwaukee.

“We envision a customer experience derived from purpose and simplicity,” Yauck said in the release. “Our menu will be imaginative and globally influenced, prepared with locally sourced, produce-forward ingredients. The interior design will be stylish yet casual, with a modern industrial feel complemented by warm and welcoming elements.”

The timeline for the restaurant opening is dependent on completing the buildout of the office space and the development and implementation of the restaurant concept.

Cobalt Partners is a Milwaukee real estate developer known for large mixed-use projects such as 84South and Loomis Crossing in Greenfield, the OneNorth development in Bayside and the White Stone Station development in Menomonee Falls.

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Additional article published in the Milwaukee Journal Sentinel

Milwaukee Public Market neighboring office to become restaurant.

Additional article published in the BizTimes

Cobalt Partners to relocate Third Ward office, introduce new restaurant