by Adriana Pop, Associate Editor
Northwestern Mutual Life Insurance has announced plans for a $300 million, 840,000-square-foot office tower in Downtown Milwaukee. Pending city approvals, construction could be complete by 2017. The project is contingent on $48 million in tax increment financing.
The new high-rise would replace Northwestern Mutual’s 34-year-old headquarters, the 451,964-square-foot, 16-story East Building at North Cass and East Mason streets (pictured). That facility currently houses about 1,100 employees. Northwestern Mutual expects to release renderings of the proposed tower by mid-2013.
“We believe in Milwaukee. It’s been our hometown for virtually all of our 155 years,” said Northwestern Mutual chairman & CEO John Schlifske. “This will be a signature development that makes a huge statement about the attractiveness of the whole Milwaukee metro area. We are going to be here, and continue to play a vital role in this community for generations to come.”
BizTimes reports that Northwestern Mutual considered several other options, including developing a new building at its Franklin campus, or building new facilities at both its Franklin and Downtown locations. Northwestern Mutual’s decision to develop the new office tower will add capacity for up to 1,700 new positions.
“Everyone in our region benefits when top employers like Northwestern Mutual make a long-term commitment to grow in Downtown,” said Milwaukee Mayor Tom Barrett. “This is a once-in-a-generation chance to make an investment of this scale in Downtown Milwaukee.”
Photo credit: betf.blogspot