The county has a hell of a lot of "deferred maintenance" that has piled up since 2002. $31.6M won't even put a dent in it but hopefully, they can deal with the worst of it.
steinbring
I have a single-family home in Glendale and I think that I would like to switch to a condo at some point just so I have less of a reason to be around all of the time. I like to travel and with winters in Wisconsin getting colder and my desire to be cold decreasing with each polar vortex, I figured that renting a place in Mexico for 2-3mo every year might be nice. It's harder to do that when you have to maintain a SFH while you are away.
More housing is always better than less housing. Something tells me that these are going to be "Luxury Apartments" though (priced at something like $2500/mo) and folks who are downsizing will willingly pay it because only 25 total condo units have been built in Milwaukee since 2011. We need more housing to drive down costs but we need more housing in more categories (market-rate apartments, luxury apartments, and especially condos).
If it keeps the buses running, the sewers working, and the parks open, I am all for it. I share @muffinrobotofdoom's concern, though. I also think that sales taxes disproportionately favor the wealthy. In an environment where the state legislature is actively trying to bankrupt the city, you have to work with what you can get.
It was apparently a Sears for over 50yrs (only closing in the 80s). There were relatively recent plans to turn the building into an 80-room hotel (https://urbanmilwaukee.com/2019/03/27/eyes-on-milwaukee-old-sears-building-to-become-new-hotel/).