By: Anne Kaiser
For Chicago-based real estate investor/developer Matt Rogatz, President of Chicago Industrial Real Estate, what began nearly three years ago with the purchase of a single property flourished into the skillful revitalization of a community.
Rogatz had been seeking additional industrial real estate investments, starting in the Chicago area and then in Michigan and Indiana. When these locations did not prove fruitful, Rogatz decided to investigate the Wisconsin market, where he discovered the Green Lake Inn. He had heard of Green Lake but was otherwise unfamiliar with the location. Rogatz’s friend had described visits to his own friends in Green Lake, and, as Rogatz recalled, “…so I knew it was a special place.”
From Rogatz’s initial introduction to Green Lake, Wisconsin, he felt a positive connection to the community and its people. “When I first arrived in Green Lake, it was obvious that the community was welcoming. People would always be saying hello and strike up an inviting conversation. It didn’t matter where I was from, or my financial position…they were just nice,” Rogatz explained.
Like those who relish the Green Lake area for vacationing or residency, Rogatz appreciated the beauty of the area, with its deep, spring-fed lake, ideal for both fishing and boating. The acclaimed area golf courses also contribute to the appeal of this community.
The 17-room Green Lake Inn, at the time Rogatz purchased it in October 2021, was, in Rogatz’s estimation, “small” and “outdated.” Rogatz decided to boldly embark on the task of purchasing and renovating the Green Lake Inn. “I knew nothing about the motel business, but thought to myself, what would be the worst that could happen?” Rogatz said, recalling his initial foray into the Green Lake region renovations. While this initial project gained momentum, Rogatz allowed his friends and family to stay in the updated units, and they all had “a great time in a beautiful lakefront community.”
Inspired by this success, in May 2022, Rogatz continued by purchasing the Angle Inn, a seven-bedroom, six-bath bed and breakfast situated a few blocks from the Green Lake Inn, also on the shores of Green Lake. This property required renovation and care, and Rogatz embarked on the task updating the Angle Inn that fall, after seasonal guests had departed. After two years, Rogatz successfully reopened the Angle Inn as The Manor on Green Lake. The seven-bedroom property could be rented in its entirety, or in clusters of two rooms (the former owner’s unit) or five rooms (the former bed and breakfast residence).
Rogatz then learned of the lovely Evensong Spa, which had recently closed. He was impressed by the “amazing 13,500 square foot facility, which had been rated as one of the top ten spas in America.” Rogatz recalled, “I realized that the spa could compliment my other two properties, but had no one to run it.” Rogatz tapped into a connection—the owner of a cleaning service he was using at the Green Lake Inn had formerly been the General Manager of the spa—and, in Rogatz’s words, “One thing led to another, and I moved forward with purchasing the spa, June of 2022.” Several conversations and logo designs later, Rogatz reopened the spa under the new name, Elan Brio Spa, in February 2023.
Rogatz drew upon the momentum of his purchases and the success he was experiencing in Green Lake. “It became clear to me that I was on to something special,” Rogatz recalled. “Now that I owned a motel, a lakefront estate, and a spa, I saw the potential of creating a special package which could incorporate all my venues together.” He learned of the Goose Blind Bar and Grill, which at that time had been for sale for some time. This centrally-located Green Lake establishment was, in Rogatz’s words, “considered by many as an institution in the community.”
With a clear vision for the “tremendous potential of the asset,” Rogatz pursued the acquisition of the Goose Blind Bar and Grill and closed on the property in September 2022. Starting with renovation of the building’s second floor banquet/event space, Rogatz celebrated the grand reopening of the venue in summer 2023.
Green Lake offered a multitude of investment possibilities. May 2023 conversations with a nonprofit that had owned the former safety building in Green Lake at 486 Hill Street led to Rogatz’s purchase and immediate renovations of the space. He converted the three-story, 45,000 square foot building to include The Terrace Café, a new breakfast venue, and then an office build-out for his newly-formed parent company, Our Green Lake LLC. The location of this space appealed to Rogatz as it afforded lovely views of Mill Pond and was conveniently situated directly across the street from the Goose Blind Bar and Grill.
Throughout Rogatz’s process of purchasing and renovating the Green Lake properties, he strived to connect with and honor the wishes of the residents of the Green Lake community. Through a series of ongoing dialogues, Rogatz has ensured that his decisions are aligned with the goals of the community. “It is extremely important that the community has a say in whatever I do,” Rogatz said. “Before I purchased any of the properties, I would reach out to the local residents and the elected officials to make sure that what I wanted to do would align with their ideas and thoughts. Even after I purchased the properties, it would be important for me to constantly pass along my new improvements to make sure I would have their support,” Rogatz said.
Rogatz values the support of the elected officials in the Green Lake community, as this has been instrumental in allowing him to achieve his goals. The support of many others have further facilitated his developments in the area. Rogatz explained, “There have been so many people that have supported what I’m doing in the town. From individual homeowners, elected officials, not-for-profits, and community organizations, the show of support has been overwhelming! There are several new investors that have come into Green Lake over the past few years and collectively we are making a difference in the town dynamic.”
For Matt Rogatz, a long-range vision for the Green Lake area has provided a guiding force in all his investments there. “It has always been my goal to have Green Lake not only be a destination during the summer months but also during the other times of the year,” he said. “I am in the process of creating a total package approach to attract people from all over the Midwest!” With the assistance of the Green Lake Inn shuttle bus, Rogatz hopes to allow guests to visit his other venues as well as other attractions in the area, providing a “bucket-list type of memory.”
Future plans for Rogatz’s Green Lake developments include turning the local Safety Building into a cosmetology school, which will provide licenses to the employees of his Elan Brio Spa, as well as a cluster of indoor retail boutique shops. Additionally, this space may house activities like laser tag and a dinner murder mystery theater.
“With the help of the other businesses in the community, I see a rebirth of Green Lake,” Rogatz explained. He hopes that this community of around 1,000 residents will thrive as a year-round destination.
From the start of his career developing residential properties in Chicago in 1988 through his shift toward developing industrial buildings in 2004, Rogatz has been guided by a clear vision and unique skills. “I believe I have a gift of being able to see the potential of [a] building that most people would take a hard pass on,” Rogatz stated. “It is this vision that would help me see the potential of my properties in Green Lake.”
This article is from the
EY July 2024 Issue