Royal Capital Group Announces Purchase of Former Gimbels and Schuster’s Building on King Drive

Acquisition marks beginning of historic and unprecedented investment in King Drive corridor

MILWAUKEE (Dec. 15, 2020) – Royal Capital Group (RCG) today announced the purchase of the former Gimbels and Schuster’s Department Store building. The building, located at 2153 N. Dr. Martin Luther King Jr. Dr. in Milwaukee’s Halyard Park neighborhood, has approximately 455,000 square feet and is slated to include office space, programming for early childhood education and health and wellness, affordable apartments, and a new construction of a 300+ stall parking structure.

The former Gimbels and Schuster’s Department Store building will be the headquarters of the ThriveOn Collaboration, a partnership comprised of the Greater Milwaukee Foundation (GMF), the Medical College of Wisconsin (MCW), and RCG. The vision of the ThriveOn Collaboration is for a Milwaukee that is equitable, healthy, and thriving for all. Once the building is restored and redeveloped by RCG, it will become home to GMF’s offices and operations and MCW’s community engagement programs.

“We are incredibly proud to announce this acquisition and critical milestone,” said Kevin Newell, president and CEO of Royal Capital Group. “But even more important than the purchase of such a beautiful and historic building is the significance of place and the over $100 million reinvestment along the King Drive corridor that we are committing to. Not only is this investment rewarding to me personally, but I am confident this unique model will serve as an inspiration and a source of pride for our local community and likeminded communities across the nation.”

“Already on board as an anchor tenant of this project, the Foundation is extending its commitment to the collaboration through a $10 million impact investment to ensure this world class redevelopment proceeds as planned. This significant brick-and-mortar investment speaks to the depth of the Foundation’s commitment to the people of Halyard Park, Harambee and Brewers Hill, as we support access to opportunity and racial equity throughout Milwaukee,” said Ken Robertson, executive vice president, chief operating officer and chief financial officer for the Foundation. “When we announced the Foundation’s new strategic vision last month, we emphasized the need for reimagining philanthropy, and this is one way we are putting our money where our mission is. This building will be our home for generations, our stake in the ground, and we will use every tool that we have to make it successful.”

“One of the missions of the Medical College of Wisconsin is to improve the health of the communities we serve,” said Gregory Wesley, senior vice president of strategic alliances and business development at MCW. “Being a partner in the ThriveOn Collaboration helps us achieve this vital mission, as we intend to invest in access to health and wellness facilities, healthy food options, and preventative health services in the area. This development will address ThriveOn Collaboration’s five priority areas: early childhood education, health and wellness, social cohesion, housing, and economic opportunity. We commend RCG for this purchase and look forward to our continued partnership.”

Construction is scheduled to begin in February 2021 and slated for completion in Spring 2022.