It’s been nine months since we announced that Horny Goat would close the Horny Goat Hideaway brewpub and entertainment space at 2011-2029 S. 1st St. And, as of this week, the property is still for sale, along with the adjacent Horny Goat Marina, a 6.8 acre property selling for $5,500,000.
And maybe that's not surprising. Both the sheer size of the property (four acres with 385 linear feet of river frontage), along with its hefty price tag ($4,500,000), are factors that seem likely to prevent another bar or restaurant from taking occupancy.
And that's a shame, considering the amount of money that was pumped into the property – the main building of which was erected in 1931 as a high-pressure pumping station for Milwaukee Fire Department – and its beautiful patio.
"There is no universal barometer for the value of commercial real estate that doesn't take into consideration the uniqueness of the property," says Steve Palec of Colliers International. "When you factor into the income potential or the location, or the hotness or coolness of the market, you get into the pricing. It's always subjective: what will someone pay for it. That's where pricing goes from concept to reality."
We can't help but wonder: what are we most likely to see going into the space? And how long will we have to wait to see the property up and running again?
The listing at Siegel-Gallagher reads:
The excitement is brewing in Bayview at this very-hard-to-find centrally located +-4 acre waterfront parcel. More popularly known as the Horny Goat Brewpub site, this parcel is an exceptional mixed use development opportunity offering a superior combination of suburban-style size and setting, flexible zoning classification, I94 ingress/egress, and high visibility. Both developers and end-users alike will appreciate the opportunity to create immediate and long-term value, joining other nearby impactful development initiatives such as the Freshwater Plaza, Water Technology Park, Global Water Accelerator, and others. Call Marianne Burish at 414.270.4109 today to schedule a tour or discuss the property.
For comparison's sake, here are a couple of other properties you could buy if you have an extra $4 million dollars on hand:
- The historic Humphrey Scottish Rite Masonic Center at 790 N. Van Buren St., which includes two libraries, a chapel, lounge, banquet hall with full commercial kitchen, a 356 seat auditorium, meeting rooms and offices. Asking price: $4,000,00.
- Three bluff-side acres in Brewers Hill overlooking the Milwaukee River Valley and adjacent to the Beer Line "B" Master Plan. Walking distance to Downtown Milwaukee as well as the forthcoming Bucks arena. Asking price: $3,500,000.
Lori Fredrich (Lo) is an eater, writer, wonderer, bon vivante, traveler, cook, gardener and girlwonder. Born and raised in the Milwaukee area, she has tried to leave many times, but seems to be drawn to this quirky city that smells of beer and alewives.
Some might say that she is a little obsessed with food. Lo would say she is A LOT obsessed with food. After all, she has been cooking, eating and enjoying food for decades and has no plans to retire anytime soon.
Lo's recipes and writing have been featured in a variety of publications including GO: Airtran Inflight Magazine, Cheese Connoisseur, Cooking Light, Edible Milwaukee, Milwaukee Magazine and the Milwaukee Journal Sentinel, as well as on the blog Go Bold with Butter, the web site Wisconsin Cheese Talk, and in the quarterly online magazine Grate. Pair. Share.