Irgens Seeks Tax-Increment Financing for 833 E. Michigan Tower
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