Former Hayek's Pharmacy in Shorewood will be renovated

SHOREWOOD - The former Hayek's Pharmacy building has been sold to developer Elan Peltz, who plans to renovate the building while keeping the pharmacy's vintage neon sign.

Peltz, who grew up in Whitefish Bay and graduated from Nicolet High School, said he has been wanting to buy the building for the past three years, but it was never for sale.

"I think it's an iconic building," he said. "It has memories and nostalgia for everybody. It's a great corner."

Peltz's company, Blackwatch '68, owns 130 properties in Milwaukee and Chicago. Pelz said he specializes in mixed-use corner buildings.

Peltz purchased the building at 4001 N. Downer Ave. for $900,000 from William Quandt, who decided in January to close the pharmacy in its 100th year in business. Peltz estimates he will spend $300,000 to $500,000 gutting and rehabbing the building.

RELATED:Hayek's Pharmacy closes after 100 years in Shorewood

The 4,000 square feet of retail space on the first floor will likely be split into two spaces. Peltz said he would like to find a coffee shop for one of the spaces.

On the second floor, Peltz plans to create three high-end apartments that face east toward Downer Avenue. The apartment units would have two and three bedrooms.

On the exterior, Peltz plans to install a new black awning and new steel balconies, giving the building more of a modern aesthetic. The two neon "Hayek" signs will be relocated above the second-floor apartment windows facing Capitol Drive and Downer Avenue.

Peltz plans to submit his architectural plans to the Shorewood Design Review Board later this month. Once the project is approved by village officials, Peltz plans to start work on the building immediately. He expects the apartments to be available by late summer.