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Northwestern Mutual Tower in the SkyscraperPage Database

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  #1  
Old Posted Dec 5, 2012, 11:54 PM
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Cool MILWAUKEE | Northwestern Mutual Tower | 550 FT | 32 FLOORS | PREP


source: http://media.bizj.us/view/img/107946...lrendering.jpg

Quote:
Northwestern Mutual plans $300 million downtown office tower
By Tom Daykin of the Journal Sentinel
Dec. 5, 2012 4:12 p.m.

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Northwestern Mutual Life Insurance Co. plans to build a new office tower, housing hundreds of employees, at its downtown Milwaukee campus and is seeking $48 million in city financing for the $300 million project.

The new building, with 840,000 square feet and more than 30 stories, would be among downtown's largest office buildings. It would replace Northwestern Mutual's 16-story building south of E. Mason St. and east of N. Cass St., and would be built at that location once the existing building is demolished, the company announced Wednesday.

City financing would come in the form of a tax incremental financing district. It would be Milwaukee's largest such tax district if the Common Council approves the proposal from Mayor Tom Barrett's administration. Northwestern Mutual would spend its money upfront and recover $48 million through property tax rebates over 25 years.

Those rebates would reduce the higher costs that the company would face from building downtown compared with what it would cost to add offices to its Franklin campus at S. 27th St. and W. Drexel Ave.

The downtown project would retain 1,100 employees now housed at the building that would be razed, said company executives and city officials. Northwestern Mutual, which has 3,600 downtown employees, continues to grow and expects to add up to 1,700 additional downtown employees by 2027.

"This will be a signature development that makes a huge statement about the attractiveness of the whole Milwaukee metro area," said John Schlifske, chairman and chief executive officer. "We are going to be here, and continue to play a vital role in this community for generations to come."

The life insurance and financial services company also has 2,000 employees at its Franklin campus and expects long-term job growth to continue there, Schlifske said.

The office tower proposal "sends a tremendous message about the viability of downtown Milwaukee," Barrett said.

Northwestern Mutual in September 2011 announced plans to demolish the 16-story building, which was constructed in 1979. The company said the 500,000-square-foot building, known for its brown color, faces extensive long-term maintenance costs.

The company plans to relocate employees who work there to other downtown and Franklin buildings.

Northwestern Mutual is buying a building at 733 N. Van Buren St. to provide temporary office space during the project. The company will build a skywalk to connect that building to its historic headquarters building at 720 E. Wisconsin Ave. The downtown campus includes buildings at 611 E. Wisconsin Ave. and 818 E. Mason St.

Demolition would begin during next year's fourth quarter, and construction on the new building would start in 2014.

The new building would be completed in 2017. Its design and specifications haven't been created yet, but it would likely be over 30 stories, Schlifske said. The company also is considering ways to create more parking spaces for its growing downtown workforce.

Northwestern Mutual executives considered both Franklin and downtown as options for replacing the building, said Tim Gerend, a vice president who's overseeing the plans.

The company chose downtown in part because Milwaukee "is a great place to live and work," Gerend said.

"I grew up in Milwaukee," Schlifske said. "I love Milwaukee."

Schlifske and Gerend said the downtown campus, within a short walk of Lake Michigan, the Milwaukee Art Museum and other attractions, helps Northwestern Mutual attract and keep good employees. The new building will strengthen that appeal, they said.

Northwestern Mutual's plan depends on obtaining city financing assistance, Schlifske said.

The company said it would spend $300 million on the project. The new building's taxable value - to be determined by the city assessor's office - would be below that amount, which includes the cost of furnishings, equipment and other items that aren't subject to property taxes.

Under the financing proposal, Northwestern Mutual would recover 70% of the new building's annual property tax bills until those funds totaled $48 million. That would take an estimated 25 years, according to the Department of City Development.

Once the amount was reached, all of the new building's property taxes would go to the city, Milwaukee Public Schools and other local governments.

The proposed tax incremental financing district is "a once in a generation" chance to ensure that Northwestern Mutual makes its investment, and retains and adds 2,800 family-supporting jobs downtown, Barrett said.

The project also would create hundreds of construction jobs, Barrett said. By accepting city financing, Northwestern Mutual would be required by city ordinance to hire small, emerging and women owned businesses for 25% of its total construction costs, and to use Milwaukee residents for 40% of the construction work.

The tax financing district would help reduce Northwestern Mutual's higher expenses from building downtown, instead of in Franklin, Schlifske said.

Because downtown sites are typically smaller than suburban sites, buildings must be taller, which makes them costlier, Schlifske said. Also, working around underground steam tunnels that run just below the company's downtown site adds to those costs, he said.

Common Council President Willie Hines issued a statement indicating support for the tax district proposal.

"I am excited about this announcement and the prospect of this terrific development," Hines said. "My colleagues and I look forward to discussing the specific proposal with a company that comes to the table with a 150-year track record of supporting our great city."
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Last edited by Steely Dan; Sep 26, 2013 at 9:12 PM.
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  #2  
Old Posted Dec 6, 2012, 12:17 AM
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Great news for MKE. But it would be nice if Northwestern Mutual didn't have to tear down their existing building and could instead snap up one of the many surface lots downtown.
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  #3  
Old Posted Dec 6, 2012, 1:29 AM
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exactly what I was thinking.
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  #4  
Old Posted Apr 23, 2013, 4:05 PM
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we have preliminary height info. here are some tweets from Andrew Weiland, the managing editor of BizTimes Milwaukee

"NML tower preliminary plans: 33 stories, 550 feet tall..."

"NML tower: demo to begin late 2013, construction begins fall 2014, occupancy Q4 of 2017"
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  #5  
Old Posted Apr 23, 2013, 8:01 PM
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is there a rendering for this tower?
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  #6  
Old Posted Apr 23, 2013, 8:19 PM
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Quote:
Originally Posted by bmust71 View Post
is there a rendering for this tower?
no renderings have been made public.

i read somewhere that NML would release renderings sometime this summer.
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  #7  
Old Posted Apr 23, 2013, 10:35 PM
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NMLI is loaded, and they are asking the city for $48 million to help them finance this new tower?

That is ridiculous...
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  #8  
Old Posted Apr 24, 2013, 1:52 PM
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Quote:
Originally Posted by the urban politician View Post
NMLI is loaded, and they are asking the city for $48 million to help them finance this new tower?

That is ridiculous...
A financial firm asking for finance...

I am sure there is some logic behind their decision.
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  #9  
Old Posted Apr 24, 2013, 2:17 PM
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Quote:
Originally Posted by the urban politician View Post
NMLI is loaded, and they are asking the city for $48 million to help them finance this new tower?

That is ridiculous...
you can find it ridiculous, but it's how the game is played these days.
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  #10  
Old Posted Apr 24, 2013, 5:33 PM
AdmiralsFan24 AdmiralsFan24 is offline
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Quote:
Originally Posted by the urban politician View Post
NMLI is loaded, and they are asking the city for $48 million to help them finance this new tower?

That is ridiculous...
It's a loan that will be paid back in property taxes. NML is spending all the money up front, not getting anything. And give NML credit. They could have just gone to their Franklin campus where it's cheaper to build.

Also, some of the property taxes from the new building will go towards the Lakefront Projects which is huge for future development, walkability and connecting downtown and the Third Ward.
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  #11  
Old Posted Apr 25, 2013, 1:04 AM
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^ Ahh, thanks for clarifying
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Old Posted Apr 25, 2013, 4:09 PM
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^^There is a massing model of this proposed office building, to the far left of the image provided in the article by AdmiralsFan24:



"Blue buildings in this conceptual lakefront rendering include: a possible development south of Clybourn St., between Lincoln Memorial Drive and Van Buren St., and The Couture, the 44-story hotel and apartment high-rise planned between Clybourn and Michigan streets (just west of Lincoln Memorial Drive). To the west of The Couture is Irgens Development Partners' proposed 17-story 833 East office building. The far left building is Northwestern Mutual's planned 30-story office building south of Mason St."

http://www.jsonline.com/business/lak...196948891.html
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  #13  
Old Posted Apr 25, 2013, 5:17 PM
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That far left building is actually wrong. There's nothing that can be developed there until the Lakefront Project takes place. The Northwestern Mutual building is that big box behind the Couture.

The current brown building for Northwestern Mutual will be razed and the new building will be built at that location.

I used my super expert paint skills to highlight the building that will be demolished and where the new building will be.



So imagine at least a 550 foot tall building in the location with the red square.
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  #14  
Old Posted Apr 25, 2013, 5:23 PM
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i think they meant the far right blue box is the location.

not exactly sure what the tall structure on the far left is, though not long ago there was a proposal for a "twin" of the U.S. Bank building (lakepoint tower or something like that). i thought that proposal was dead, but perhaps not?

here's the rendering of the tower i'm referring to:

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Old Posted Apr 25, 2013, 5:27 PM
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^ that proposal has been dead for a while now.
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  #16  
Old Posted Apr 25, 2013, 5:29 PM
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Quote:
Originally Posted by Steely Dan View Post
^ that proposal has been dead for a while now.

or... perhaps it's just mostly dead.

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  #17  
Old Posted Apr 25, 2013, 6:43 PM
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Quote:
Originally Posted by Boisebro View Post
not exactly sure what the tall structure on the far left is
It's nothing. That's just a random building they put in to show that it would be open for development after the freeway is torn out there.
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  #18  
Old Posted Apr 25, 2013, 7:03 PM
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Quote:
Originally Posted by Steely Dan View Post
you can find it ridiculous, but it's how the game is played these days.
Some places, sure. My city requires huge fees. I'd guess Amazon is paying $9,000,000 or so in height bonus fees per tower for a similar project in Seattle. I forget what it cost them to take over the alley. And we don't have TIF.
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  #19  
Old Posted May 2, 2013, 1:03 AM
AdmiralsFan24 AdmiralsFan24 is offline
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No surprise but the Common Council unanimously approved the financing for this.
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  #20  
Old Posted May 14, 2013, 6:41 PM
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from chitrek on SSC:

Quote:
Originally Posted by chitrek View Post
Two interesting articles from the Biztimes... first:

Northwestern Mutual office tower could make a big impact on downtown

Article includes these 2 massing images that were shown to aldermen. Rendering still "later this year".




Next article: Momentum Builds in Third Ward. Nice recap of what's going on development wise.
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