New State Office Building Gets $8M in Public Bond Financing
- Nov 25, 2012
by Adriana Pop, Associate Editor
The Milwaukee Redevelopment Authority has approved $8 million in public bonds to help finance the construction of a 64,000-square-foot state office building in Milwaukee. Klein Development Inc. of Wauwatosa, the project’s developer, will use the proceeds to obtain loans for the project through JPMorgan Chase Bank NA and BMO Harris Bank, the Milwaukee Business Journal reported.
According to the Business Journal, the two-story building (pictured) will be built on a two-acre city-owned parcel located at the corner of Wisconsin Avenue and North 27th Street. In October, the Milwaukee Common Council agreed to sell the land to the developer for $1.
Excavation is under way. After construction is complete next summer, the Wisconsin Department of Children and Families will lease the building for 15 years.
In Downtown office leasing news, EmPowerHR, which provides integrated human resources solutions for growing businesses, and Laurus Strategies, a business consulting firm, have moved into shared space in Downtown Milwaukee’s Third Ward.
The companies will occupy 10,000 square feet on the second floor of the Warehouse No. 1 Building at 126 N. Jefferson. EmPowerHR and Laurus Strategies currently employ 25 people between them and plan to add staff in the near future.
“The Third Ward is an exciting place for us to bring the talents of our EmPowerHR and Laurus Strategies staffs together to further capitalize on the synergies of these two groups,” explained Scott Rasmussen, president of EmPowerHR. “We can more effectively serve the needs of any sized client, from start-ups to established Fortune 500 companies. As we continue to grow and expand our workforce we believe our presence in the Third Ward will make us an attractive employer of choice.”
Photo credits: Korb Tredo Architects