Irgens Seeks Tax-Increment Financing for 833 E. Michigan Tower11 May 2013, 6:01 pm
Irgens is pursuing $12 million in tax-increment financing for its proposed $100 million office tower in Downtown Milwaukee. The developer plans to move its corporate headquarters from the Milwaukee County Research Park in Wauwatosa to the 17-story, 357,000-square-foot structure at 833 East Michigan Street according to BizTimes.
So far, the project’s pre-committed space totals approximately 155,000 square feet, including leases to the Godfrey & Kahn law firm and two unnamed tenants. “We’re pre-leasing the building to 50 percent to get financing,” said Mark Irgens, the company’s CEO & president.
Designed by Milwaukee-based architectural firm Kahler Slater, the tower will be located on the current site of the U.S. Bank Center’s parking garage. Irgens is planning to purchase the land from U.S. Bank, which will also finance the sale. The organization could also become one of the property’s tenants, the newspaper reports. Construction could begin this year and be complete by 2015.
The tower would provide panoramic views of Lake Michigan and Downtown Milwaukee, LEED-certified design, an outdoor terrace overlooking the lake, a fitness center, a conference center, more than 400 parking spaces, and skywalk access to US Bank Center and the US Bank parking garage. Bill Bonifas of CBRE Group Inc. is marketing the property.
Notable projects completed by Irgens include ASQ Center, 875 East Wisconsin, and GE Healthcare Research Park. Additional company offices are located in Chicago and Phoenix.
Rendering: Irgens/Kahler Slater
City Weighs $54M TIF for Northwestern Mutual’s 1.1 MSF Tower29 Apr 2013, 3:08 pm
Milwaukee’s zoning, neighborhoods and development committee has unanimously approved a $54 million developer-funded tax increment financing (TIF) plan for Northwestern Mutual’s proposed 1.1 million-square-foot Downtown headquarters tower.
Estimated to cost between $350 million and $400 million, according to The Business Journal, the 33-story building would replace the financial services company’s office at 800 E. Wisconsin Ave. The company expects to begin demolition of the existing building this year and start construction on the new tower by fall 2014. Upon completion in 2017, the 550-foot structure will be the largest single building in Wisconsin.
“Building now in downtown Milwaukee is the right thing for us, just as 10 years ago it was right to add capacity in Franklin,” said John E. Schlifske, the company’s chairman & CEO. “We said then and I’ll say now, we expect over the decades to continue to grow at both campuses.”
Since Northwestern Mutual unveiled the proposed project in December, its planned size has increased about 30 percent. The facility will accommodate 1,100 Milwaukee employees and provide room for expansion. Northwestern Mutual’s long-term growth plans include adding 1,900 jobs by 2030.
Under the proposed TIF agreement, the company will finance the entire cost of the development. Once the new building begins producing tax revenue at a level exceeding that of the current East Wisconsin Ave. property, Northwestern Mutual will recover $54 million over a period of 25 years. If the company meets its employment projections, it will receive 70 percent of the tax increment, while the city will use the remaining 30 percent to fund Lakefront Gateway projects. The full Common Council is expected to review the plan on April 30, BizTimes Milwaukee reports.
Founded in Janesville in 1857, Northwestern Mutual moved to Milwaukee years later. The company’s home office includes two campuses with four buildings and 3,000 employees in downtown Milwaukee, as well as two buildings with 2,000 employees at the Franklin campus.
Photo credits: betf.blogspot
Blue Ribbon Management Plans June Start for 73 KSF Office Building at the Brewery12 Apr 2013, 6:00 pm
Blue Ribbon Management L.L.C. is proposing to break ground in June on a 73,100-square-foot office building at the former Pabst brewery complex near Downtown Milwaukee. JSOnline, an online service of the Milwaukee Journal Sentinel, reports that the company will also manage the building on behalf of its owner, Blue Ribbon Redevelopment Fund III L.L.C. of Chicago.
Estimated to cost $10 million to $12 million, Pabst Business Center (pictured above) is scheduled for completion by the end of 2014. The five-story structure will rise on a vacant site at the North 11th Street and West Juneau Avenue. Plans call for 42,000 square feet of leasable office space on three floors, plus a two-level, 68-space parking garage.
Rinka Chung Architecture Inc. of Milwaukee is designing the building, which will feature dark brown bricks and wood details.
Oregon, Wis.-based Gorman & Co. will serve as the project’s construction manager. Elsewhere at the Brewery, Gorman redeveloped the former brew house and mill house as Brew House Inn & Suites, an extended-stay hotel scheduled to open this month.
Both Pabst Business Center and Brew House Inn & Suites are being funded through the federal EB-5 program, which offers residency to foreign investors and their families in exchange for financing job-creating projects in the United States.
Also on Blue Ribbon’s drawing board is the conversion of the former Pabst bottling house between N. 9th and N. 10th streets into apartments for foreign students. The two-story, 255,000-square-foot building’s footprint would cover more than half a block, making it the largest at the Pabst complex.
The 20-acre Pabst redevelopment district is one of the greenest neighborhoods in the world. The site, which includes apartments, offices, university facilities and a hotel, was recently awarded LEED Platinum designation from the U.S. Green Building Council.
Rendering of Pabst Business Center: Rinka Chung Architecture Inc.
Angelic Bakehouse Plans Move to Cudahy; Pabst District Earns Rare LEED Platinum Award15 Mar 2013, 9:08 pm
Angelic Bakehouse Inc. is planning to move from Waukesha this summer to a $3.4 million, 22,000-square-foot office and production facility in Cudahy, BizTimes Milwaukee reports.
Located on Layton Ave., Angelic’s new facilities will be the former site of the Iceport, a planned multiple-rink project. Construction is expected to start in April and be completed by August. Executive vice president James Marino told BizTimes Milwaukee that Angelic intends to expand from 29 to 100 employees over the next three years.
The 40-year-old bakery—known until recently as Cybros The Sprouted Bakehouse—considered building the new facility in Milwaukee and Menomonee Falls. Angelic decided that Cudahy offers better access to Chicago and points east, as well as proximity to other food manufacturers. The city’s Community Development Authority is expected to review Angelic’s development proposal later this month.
In other development news, JSOnline reports that the Pabst Brewing Co. redevelopment project in Downtown Milwaukee has received LEED platinum designation from the U.S. Green Building Council.
The 20-acre site can now claim to be one of the greenest development clusters in the world. USGBC has awarded its LEED Platinum designation to only three neighborhoods in the United States and five worldwide. On Feb. 27, Mayor Tom Barrett accepted the award during a presentation held at the Joseph J. Zilber School of Public Health.
The Pabst redevelopment district includes the University of Wisconsin-Milwaukee’s Zilber School of Public Health, Cardinal Stritch University’s College of Education and Leadership, the Blue Ribbon Brewery Lofts apartment building, the Best Place pub, Brewery Point senior housing, office buildings, a parking garage, as well as a public park. The conversion of the former Pabst brew house to the Brew House Inn & Suites, an extended-stay property, is expected to be complete in April.
Kimpton To Plant Its First Wisconsin Flag With 158-Key Downtown Milwaukee Hotel4 Mar 2013, 4:22 am
A 158-key hotel in Milwaukee’s Third Ward that would represent the first Kimpton flag in Wisconsin has passed its first regulatory hurdle. The Business Journal reports that the upscale property has won approval from a local architectural review board.
HKS Holdings L.L.C., the project’s developer, plans to build the eight-story hotel on the site of a parking lot at the northeast corner of Broadway and East Chicago Street. Milwaukee-based Kahler Slater Architects will design the project, which will include a rooftop bar, a fitness center, expansive meeting space, a ground-floor restaurant, as well as underground parking. Construction is expected to begin this fall.
Increased business travel is drawing new investment to Downtown Milwaukee’s hospitality market. Recent arrivals include the 128-key Hilton Garden Inn, which opened last fall; the 90-key Brew House Inn & Suites, scheduled for a May opening at the former Pabst brewery complex; and the 205-key Marriot hotel under construction at 323 E. Wisconsin Avenue.
“We’re seeing a growth demand for our style of boutique hotels in the market and have been attracted to Milwaukee for some time,” Kimpton Hotels & Restaurant Group CEO Mike Depatie said in a statement. “We’re thrilled to be growing our Kimpton footprint in the Midwest. Milwaukee, in particular the Third Ward and its eclectic and artistic character, fits perfectly with our hotel collection,” The San Francisco-based company operates 58 hotels and 67 restaurants across the country.
Kimpton’s parent company, Kimpton Group Holding L.L.C. recently closed on a $203 million fund which will be used to acquire or develop more than $500 million worth of hotels over the next three years.
Rendering: Kahler Slater Architects