MILWAUKEE | Development News

[bucksfan15]

FOXCONN LANDS IN METRO MILWAUKEE

13,000 direct jobs, 22,000 indirect jobs, 10,000 construction jobs, 20 million square feet.

3 times the size of the Pentagon. 5 times the size of the Boeing plant. 4 times the size of the Chrysler HQ.

I mean that pretty much speaks for itself. Metro Milwaukee is ready to boom.

[danielschell]

http://wp.me/p7uLxw-3LS

[bucksfan15]

^^^^^^

I live a block away from that building so I've had the pleasure of watching it rise first hand. Man it's going to be a beautiful building. I think right on par with their office tower.

In Foxconn (and arena) news....


Exclusive: Foxconn Chairman Terry Gou explains company's $10 billion plan for Wisconsin

The commitment may even include a naming rights deal for all or part of the Milwaukee Bucks’ new arena, Gou said. “I would say this: We (are) working with them, but it’s not final yet,” Gou said. “Do we want the whole building or just one section? I don’t know.”

I like the sound of it. Foxconn Arena.

[bucksfan15]

Foxconn could break ground on first Wisconsin facility this fall
Mega manufacturer looking at sites in Racine, Kenosha and Milwaukee counties, could build at multiple locations

“This is a big project that is moving at a speed which we are not accustomed to,” said Tim Sheehy, president of the Metropolitan Milwaukee Association of Commerce. “But one of the reasons we were successful in attracting them is the speed in which we responded. The plan is to break ground in fall.”

[bucksfan15]

Apparently Foxconn is now exploring the possibility of a downtown Milwaukee office tower. Stay tuned on that one.

Edit: The land they are pitching is the same land JCI has been talking about building a new tallest on. Could get interesting.

[mhays]

Originally Posted by bucksfan15

FOXCONN LANDS IN METRO MILWAUKEE

13,000 direct jobs, 22,000 indirect jobs, 10,000 construction jobs, 20 million square feet.

3 times the size of the Pentagon. 5 times the size of the Boeing plant. 4 times the size of the Chrysler HQ.

I mean that pretty much speaks for itself. Metro Milwaukee is ready to boom.

"The" Boeing plant? If you mean the main-assembly building in Everett, sure. But Boeing has hundreds of buildings, including many in Everett alone.

It's an impressive win for Milwaukee. I question the massive incentive package though.

Washington State had a somewhat larger package that helped keep Boeing in town a while back, but that was for 80,000 jobs, with a much higher average wage.

[202_Cyclist]

Originally Posted by bucksfan15

FOXCONN LANDS IN METRO MILWAUKEE

13,000 direct jobs, 22,000 indirect jobs, 10,000 construction jobs, 20 million square feet.

3 times the size of the Pentagon. 5 times the size of the Boeing plant. 4 times the size of the Chrysler HQ.

I mean that pretty much speaks for itself. Metro Milwaukee is ready to boom.

Not to get into a big debate about this but Scott Walker provided a $3B subsidy to get this investment, which comes out to more than $230,000 per direct job. It remains to be seen whether this turns out to be a sound decision, especially considering that investment in infrastructure would likely create more direct jobs for less money.

Studies have found that investing infrastructure creates an estimated 17,000 - 19,000 direct jobs for every billion dollars of investment.

https://www.newamerica.org/economic-...owth-strategy/

http://onlinepubs.trb.org/onlinepubs...36(103)_FR.pdf

[bucksfan15]

Foxconn factory could lead to $1B Corning plant in Wisconsin

The amount of news/development pouring out of this is crazy. Tough to keep up. They've already talked about multiple satellite sites throughout the metro area, naming rights on the arena, a downtown Milwaukee office development, and now potentially a $1 billion Corning plant. Man when Foxconn makes an entrance, they make an entrance.

[Booch]

I have been told from a good source that the Corning deal is done and that will also be located in Racine/Kenosha county.

And fwiw... Wisconsin was the state that bid the lowest for the Foxconn deal. And from what I hear, Kasich wanted nothing to do with this because of the affiliation with Trump.

Regarding the JCI tower...my hope was that Foxconn would occupy some floors in a JCI building. I find it difficult to believe that Foxconn would be an anchor for a 50 story office tower. That being said, I don't think that tower ever gets built. Ever. It might as well be another Marcus proposal.

[bucksfan15]

Originally Posted by Booch

I have been told from a good source that the Corning deal is done and that will also be located in Racine/Kenosha county.

And fwiw... Wisconsin was the state that bid the lowest for the Foxconn deal. And from what I hear, Kasich wanted nothing to do with this because of the affiliation with Trump.

Regarding the JCI tower...my hope was that Foxconn would occupy some floors in a JCI building. I find it difficult to believe that Foxconn would be an anchor for a 50 story office tower. That being said, I don't think that tower ever gets built. Ever. It might as well be another Marcus proposal.

I'm curious to see what other employers follow Foxconn/Corning. Some articles have said up to 150 different suppliers could potentially locate around the plant. If a $1Billion Corning plant is just the first one of those suppliers, SE Wisconsin could be in for some serious, rabid industrial development in the I-94 corridor.

I also read that Wisconsin wasn't even the highest bid. Must have really wined and dined them.

I think Foxconn/JCI would be perfect to go in on a tower together. If I remember correctly what I had read, JCI already works with Foxconn pretty closely. Don't even get me started about Marcus. Someone else like AMC needs to step up and just put a movie theater downtown because Marcus isn't making any moves on Edison Place.

[bucksfan15]

Irgens buys BMO Harris tower
Work for new building to begin this month

The new 25-story BMO Harris Financial Center will be located south of Wells Street between North Water Street and North Broadway. It will be built next to the existing BMO Harris office tower and will become the new Wisconsin headquarters for BMO Harris Bank and law firm Michael Best & Friedrich LLP.

The initial construction phase of utility relocations for the new tower will begin this month, with demolition of the parking structure shortly afterwards. The 379,400-square-foot building and 647-stall parking ramp is scheduled for completion in December 2019.

As for the current BMO tower...

After BMO Harris moves into its new offices, Irgens will redevelop the 20-story building at 770 N. Water St. into a mixed use development. That work will not begin until 2020. Currently, use options being considered are hospitality, creative office and housing.

[bucksfan15]

Additionally, the Potawatomi Hotel Tower received final approval yesterday. This means BMO Harris Financial Center, Couture, 777, Potawatomi, St. Johns and the 13-story Farwell towers could all be under construction at the same time (not even counting the arena, streetcar, and all the infill projects, that's just high-rises).

Waiting on word from JCI, Masonic, Fiserv, Foxconn, WEC Energies, HKS, Marcus, the Third Ward Hotel, and Nexus to see which other towers are going to join the crane party in Milwaukee.

[bucksfan15]

Small infill project breaking ground. Nothing too exciting but added density nonetheless to the rapidly growing Walkers Point neighborhood. Walkers Point is beginning to resemble a more gritty version of the Third Ward. I dig it.

Groundbreaking of The Quin, a 70-unit apartment development in Milwaukee’s Walker’s Point neighborhood

Milwaukee, WI. August 4, 2017)- Linden Street Partners, which has offices in Pittsburgh, PA and Santa Ana, CA, will join Altius Building Company, Rinka Chung Architecture, and Tri City National Bank at The Quin building site on Tuesday, August 29, 2017, 10:00 a.m. for the official groundbreaking. The Quin, located at the northeast corner of South 2nd Street and West Florida Street, will introduce 70 new luxury apartments to the neighborhood.

[bucksfan15]

It's been slow but you might want to keep your eyes on the Milwaukee thread the next couple weeks. Just off the top of my head...

-BMO Harris Financial Center to begin demo.
-Potawatomi Hotel Tower to begin.
-Pending decision on the 1550 Prospect tower.
-Fiserv HQ announcement.
-Sewer relocation making way for the Couture.
-JCI HQ announcement?!?!?! (fingers crossed on this one)

and most importantly....

FOXCONN!! Including passage of the Senate/House (sounds like they have the votes), Site Announcement(s) (potentially multiple sites in Racine, Dane, AND Milwaukee counites), and possible naming rights to the new Buck's arena?!

There is a lot going on, too much to keep up with, so I'm sure I'm missing things but still, between now the time the Couture breaks ground in December, A LOT could happen.

[bucksfan15]

Take an aerial tour of Milwaukee-area's largest construction projects

Hot spots include Mayfair Road in Wauwatosa, where hundreds of apartments are under construction and, of course, downtown Milwaukee. Even though housing still is the busiest sector, projects underway cross the spectrum from medical, to manufacturing to entertainment.

Lot's of great pictures of some of the larger construction projects happening around the Milwaukee Metro area. I don't know how to post pics from the BizJournal so feel free to click the link and take a look.

[bucksfan15]

Commission Approves 27-Story Tower

Alderman Robert Bauman, who has previously opposed the project, reinforced that position at today’s meeting. The alderman, wearing a “Protect Prospect” sticker distributed by project opponents, noted that the only design change he can see is that the project has been moved 10 feet further from the bluff.

Bauman cited a number of provisions in the plan he doesn’t believe the proposed tower complies with, contradicting an earlier presentation from Department of City Development planning manager Vanessa Koster that outlined how it does. The alderman noted “there was concern expressed with exactly this type of project coming along.”

Bauman added that he believes “you will see significant double parking occurring on Prospect.” This contradicted a statement by Koster earlier in the meeting that the Department of Public Works is not requesting a traffic study for the project on the basis that the configuration and amount of parking proposed is “acceptable.”

Bauman isn’t opposed to all aspects of the project, noting “I think the architecture here is pretty decent.” He noted other sites in the heart of Downtown that he thinks would be good sites for the project — none, however, along the lake.

Basically this goon's opposition comes from the fact that it isn't part of the area's comprehensive plan (even though it was pointed out to him that it indeed is) and all of a sudden double parking will magically occur solely because of this project (even though they said a traffic study isn't needed due to the amount of parking included). Never mind the other towers lining Prospect currently. At least he thinks highly of the architecture. Someone needs to run against NIMBY Bauman.

[embora]

Originally Posted by bucksfan15

It's been slow but you might want to keep your eyes on the Milwaukee thread the next couple weeks. Just off the top of my head...

-BMO Harris Financial Center to begin demo.
-Potawatomi Hotel Tower to begin.
-Pending decision on the 1550 Prospect tower.
-Fiserv HQ announcement.
-Sewer relocation making way for the Couture.
-JCI HQ announcement?!?!?! (fingers crossed on this one)

and most importantly....

FOXCONN!! Including passage of the Senate/House (sounds like they have the votes), Site Announcement(s) (potentially multiple sites in Racine, Dane, AND Milwaukee counites), and possible naming rights to the new Buck's arena?!

There is a lot going on, too much to keep up with, so I'm sure I'm missing things but still, between now the time the Couture breaks ground in December, A LOT could happen.

Have there been rumblings of JCI making such an announcement? Or are you just saying that it could happen? They at one point said they wouldn't make any decision for at least a year, but I thought that statement would put them at least to October or something. Admittedly, this is off the top of my head, so don't take what I'm writing as authoritative.

[bucksfan15]

Originally Posted by embora

Have there been rumblings of JCI making such an announcement? Or are you just saying that it could happen? They at one point said they wouldn't make any decision for at least a year, but I thought that statement would put them at least to October or something. Admittedly, this is off the top of my head, so don't take what I'm writing as authoritative.

Like you said, about a year ago (I think it was indeed last October) they said a decision was a year away, which would mean an announcement could be coming in the next month or two? At this point, I'm kind of thinking $hit or get off the pot regarding JCI. They are sitting there holding on to the most prime piece of real estate in the city. It's been 2 years, time to make a decision otherwise Milwaukee Count needs to give the land to someone who will.

EDIT:

Here's the article from last October I think we were both referring to...

Decision on possible Johnson Controls office tower at least a year away

In September 2015, Johnson Controls president and CEO Alex Molinaroli predicted a decision on the downtown site within a year, leaving people anxiously awaiting news of a possible 50-story, 1.2 million-square-foot building, which has been rumored since at least early 2015, near the lakefront.

[bucksfan15]

Assembly passes Foxconn bill with three Dem votes
Barca, Mason and Ohnstad join GOP in support

The vote was 59-30, with Minority Leader Peter Barca (D-Kenosha) and Democratic Reps. Cory Mason and Tod Ohnstad of Racine and Kenosha joining Republicans. Republicans Adam Jarchow of Balsam Lake and Todd Novak of Dodgeville voted against it.

Good to see at least some bipartisan support. I'm surprised Mayor Barrett, who has already thrown his support behind this, didn't rally more Democrats outside of those from SE Wisconsin. This is a huge risk but I think the potential benefits far outweigh the costs. Only time will tell but in my opinion, Wisconsin just took a HUGE step forward. This deal could really provide a spark to the metro area, continuing the current boom and bringing it back to the midwestern powerhouse it once was, potentially even joining the Milwaukee/Chicago metro areas. Now if NE Illinois ends up landing that Toyota/Mazda plant.....watch out.....

[mbradleyc]

Pshaw! Why would Illinois land any kind of factory with their current fiscal crisis?

Wisconsin is going after it. If it doesn't land here, it will probably be in the south. Maybe Indiana.