NCG Hospitality Purchased Milwaukee Historic Property

The firm acquired the former furniture showroom building to develop a new boutique hotel in the Historic Third Ward.

Updated on Sept. 19, 2026 in Hotels

Screen-print poster illustration of a historic red brick industrial building with arched windows in Milwaukee's Third Ward district. — NCG Hospitality purchased the historic furniture showroom building on East Chicago Street in Milwaukee for $7 million to begin a boutique hotel conversion project. AI Illustration. Upload story photo >

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Does converting historic industrial buildings into boutique hotels improve your local neighborhood?

NCG Hospitality bought the 86,700-square-foot building at 224 E. Chicago St. for $7 million. The firm plans to transform the century-old structure into a 134-room upscale boutique hotel.

Why it matters

The redevelopment project leverages state and federal historic preservation tax credits to revitalize a landmark property in Milwaukee's Historic Third Ward. This conversion follows the company's previous work on the Deer District AC Hotel project.

The property includes an 86,700-square-foot structure built in 1915 with an approved capacity for 40 valet-parked vehicles in the basement. The purchase price was finalized at $7 million.

The players

NCG Hospitality

This real estate and hospitality firm specializes in the development and management of boutique hotel properties.

Historic Third Ward Architectural Review Board

This municipal body oversees design and preservation standards for buildings located within Milwaukee's Historic Third Ward neighborhood.

The details

NCG plans to modernize the historic building by removing interior floor sections to install a central atrium for natural light. Developers also intend to replace a basement ramp with a new street-level entrance to accommodate guests.

Monarch Manufacturing Co. constructed the building in 1915.
Rubin's Furniture operated in the space from 1993 to 2015.
The Historic Third Ward Architectural Review Board granted design approval in September 2025.
NCG Hospitality acquired the property on September 16, 2026.

Travel Outlook

The use of the federal historic preservation tax credit program characterizes the financial strategy for this Milwaukee hotel project. This project follows the pattern established by other developers using such tax credits to offset renovation costs in dense urban centers.

Travelers visiting the Historic Third Ward can expect future availability for 134 rooms once the property opens for bookings. The project will eventually provide guests with convenient access to downtown Milwaukee via new street-level entry points.

The takeaway

Repurposing industrial-era structures for hospitality maintains the architectural character of the Historic Third Ward. Developers must balance modern guest requirements with strict preservation standards to successfully execute these urban conversions.