Vassallo has big plans for Posner building

BIZ TIMES MILWAUKEE

Gene Posner and restaurateur "Johnny V" Vassallo have reached an agreement in principal for Vassallo to purchase the Posner building at 152 W. Wisconsin Ave. from Posner. Vassallo plans to expand his company in the building, which will be renovated to accommodate mixed uses and could ultimately become the new home for a Texas company that may move to Milwaukee.
"We’re going to close on it by the end of April, maybe a little earlier," Posner said.
Both Posner and Vassallo declined to disclose their agreed upon sale price for the building. According to city records, the 108,334-square-foot building, built in 1908, has an assessed value of $2.8 million.
The financing will be provided by Lincoln State Bank, Vassallo said.
Vassallo already has two of the restaurants that he owns, Mo’s Irish Pub and Mo’s Cucina, located in the building at the corner of Wisconsin and Plankinton avenues. His company, Global Restaurant Systems, also occupies about 1,500 square feet of office space in the building. Vassallo said he plans to expand his company’s office space there by about 3,000 square feet.
Vassallo also plans to attract an upscale salon and spa operator to occupy space on the first floor of the building. Vasallo says he has had some preliminary discussions with two local spa operators and two others from outside of the area who are interested in establishing a location in the Posner building.
The remainder of the building could be a renovated to accommodate a combination of office space, executive apartments and possibly a boutique hotel, Vassallo said.
Vassallo also said he is not sure how much he ultimately will spend to improve the building, but he is planning to spend about $600,000 to $700,000 in initial upgrades to the lobby
and other parts of the building.
After he closes on the purchase of the property, Vassallo plans to make a formal request with city officials to install a 15-foot by 12-foot video screen on the exterior of the building. The screen would be used like a huge television, a la Times Square, to show news programs, sports events, advertising or announcements.
"We’re trying to do whatever we can to make downtown more metropolitan," Vassallo said. "I think that (video screen) would add a metropolitan flair."
Vassallo said he is also in the process of acquiring a share of a Houston-based high tech firm and hopes to relocate the company to the Posner building. The company, which Vassallo declined to name, creates systems that are used by restaurants to collect customer data and help make reservations.
"It’s a great fit for me," said Vassallo, who would become the largest shareholder of the company, but not the majority shareholder.
Vassallo is trying to convince the other shareholders to move the company to Milwaukee. He is seeking funding from state and city government officials to help entice the company to move here. If the company makes the move, it would bring 20 jobs to downtown Milwaukee by the end of 2006, Vassallo said.
"Getting more jobs downtown is pretty important," he said. "Bringing these guys here would be a big coup. There are not a lot of companies leaving tax-free Texas to come to Milwaukee. They are happy to sell me shares of their company, but getting them to move to Milwaukee has become a challenge, but not an overwhelming one."
Vassallo also said he is looking for a site to open another restaurant in Indianapolis, where he has already opened a Mo’s A Place for Steaks. He has not decided on the type of restaurant he would add in Indy.
In addition, Vassallo plans to open an Asian restaurant to be called Monsoon Wok and Lounge at 811 N. Jefferson St. in the former Zyng Asian Grill space.