UWM to sell chancellor's residence, part of cost-reduction effort
UW-Milwaukee chancellors residence (Credit: UWM Photo Services)
MILWAUKEE - The University of Wisconsin-Milwaukee is planning to sell the chancellor's residence as part of a larger effort to reduce costs and divest itself of properties that are no longer serving the university's best interests.
According to UWM, it will seek permission from the Universities of Wisconsin Board of Regents to sell the chancellor’s residence at 3435 N. Lake Drive in Milwaukee.
The university-owned chancellor’s residence was purchased in 2012 by the UWM Real Estate Foundation for $955,000 and then transferred to UWM.
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At an upcoming Board of Regents meeting, UWM plans to ask the board for permission to sell the property. If the request is approved by the Board of Regents, the residence will be put up for public sale at some time in the following months.
In December 2023, UWM Chancellor Mark Mone purchased and moved to a personal residence just blocks away from UWM.
"Selling the chancellor’s residence is the smart financial move for our university," Mone said. "I was glad to be able to purchase a home just a few blocks away from campus, which allows me to be in the community and on campus even more."
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Over the last several years, UWM has worked to divest itself of other properties to help streamline space and reduce costs. In 2021, UWM sold its former Alumni House to Milwaukee businessman Andy Nunemaker.
In 2023, UWM demolished Northwest Quad Building A and permanently closed the Purin residence hall. The university also plans to demolish its old Chemistry Building, which had previously been slated for renovation for other purposes.