{"id":1004071908,"date":"2013-04-29T07:08:34","date_gmt":"2013-04-29T15:08:34","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=121778"},"modified":"2020-04-01T08:30:04","modified_gmt":"2020-04-01T16:30:04","slug":"city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\/","title":{"rendered":"City Weighs $54M TIF for Northwestern Mutual\u2019s 1.1 MSF Tower"},"content":{"rendered":"<p><!--[if gte mso 9]&gt;--><\/p>\n<p><!--[if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Northwestern-Mutual-02.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-121795\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Northwestern-Mutual-02.jpg\" alt=\"\" width=\"237\" height=\"300\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Milwaukee\u2019s zoning, neighborhoods and development committee has unanimously approved a $54 million developer-funded tax increment financing (TIF) plan for Northwestern Mutual\u2019s proposed 1.1 million-square-foot Downtown headquarters tower.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Estimated to cost between $350 million and $400 million, according to <a href=\"https:\/\/www.bizjournals.com\/milwaukee\/blog\/real_estate\/2013\/04\/northwestern-mutuals-33-story-tower.html?iana=ind_cre\" target=\"_blank\" rel=\"nofollow\"><em>The Business Journal<\/em><\/a>, the 33-story building would replace the financial services company\u2019s office at 800 E. Wisconsin Ave. The company expects to begin demolition of the existing building this year and start construction on the new tower by fall 2014. Upon completion in 2017, the 550-foot structure will be the largest single building in Wisconsin.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">&#8220;Building now in downtown Milwaukee is the right thing for us, just as 10 years ago it was right to add capacity in Franklin,\u201d said John E. Schlifske, the company\u2019s chairman &amp; CEO. \u201cWe said then and I&#8217;ll say now, we expect over the decades to continue to grow at both campuses.\u201d <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Since Northwestern Mutual unveiled the proposed project in December, its planned size has increased about 30 percent. The facility will accommodate 1,100 Milwaukee employees and provide room for expansion. Northwestern Mutual\u2019s long-term growth plans include\u00a0adding 1,900\u00a0jobs by 2030.<span>\u00a0\u00a0 <\/span><\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Under the proposed TIF agreement, the company will finance the entire cost of the development. Once the new building begins producing tax revenue at a level exceeding that of the current East Wisconsin Ave. property, Northwestern Mutual will recover $54 million over a period of 25 years. If the company meets its employment projections, it will receive 70 percent of the tax increment, while the city will use the remaining 30 percent to fund Lakefront Gateway projects. The full Common Council is expected to review the plan on April 30, <a href=\"https:\/\/www.biztimes.com\/article\/20130424\/ENEWSLETTERS06\/130429934\/-1\/Real_Estate\" target=\"_blank\" rel=\"nofollow\"><em>BizTimes Milwaukee<\/em><\/a> reports.<span>\u00a0 <\/span><\/span><\/p>\n<p>Founded in Janesville in 1857, Northwestern Mutual moved to Milwaukee years later. The company\u2019s home office includes two campuses with four buildings and 3,000 employees in downtown Milwaukee, as well as two buildings with 2,000 employees at the Franklin campus.<\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\">Photo credits: betf.blogspot<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Milwaukee&rsquo;s Zoning, Neighborhoods and Development Committee has unanimously approved a $54 million developer-funded tax incremental financing (TIF) plan for Northwestern Mutual&rsquo;s new office tower downtown.<br \/>\nAccording to The Business Journal, the cost of the development is between $350 million and $400 million. Plans call for a 33-story, 1.1 million-square-foot high-rise that would replace Northwestern Mutual&rsquo;s existing east office at 800 E. Wisconsin Avenue. The company expects to begin demolition later this year and start construction on the new tower by next fall. Upon completion in 2017, the 550-foot structure will be the largest single building under one roof in Wisconsin.<\/p>\n","protected":false},"author":260,"featured_media":1004506026,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004071908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>City Weighs $54M TIF for Northwestern Mutual\u2019s 1.1 MSF Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"City Weighs $54M TIF for Northwestern Mutual\u2019s 1.1 MSF Tower\" \/>\n<meta property=\"og:description\" content=\"Milwaukee&rsquo;s Zoning, Neighborhoods and Development Committee has unanimously approved a $54 million developer-funded tax incremental financing (TIF) plan for Northwestern Mutual&rsquo;s new office tower downtown.  According to The Business Journal, the cost of the development is between $350 million and $400 million. Plans call for a 33-story, 1.1 million-square-foot high-rise that would replace Northwestern Mutual&rsquo;s existing east office at 800 E. Wisconsin Avenue. The company expects to begin demolition later this year and start construction on the new tower by next fall. Upon completion in 2017, the 550-foot structure will be the largest single building under one roof in Wisconsin.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-04-29T15:08:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-01T16:30:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Northwestern-Mutual-02.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"City Weighs $54M TIF for Northwestern Mutual\u2019s 1.1 MSF Tower\",\"datePublished\":\"2013-04-29T15:08:34+00:00\",\"dateModified\":\"2020-04-01T16:30:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\\\/\"},\"wordCount\":324,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Northwestern-Mutual-02.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/city-weighs-54m-tif-for-northwestern-mutuals-1-1-msf-tower\\\/\",\"name\":\"City Weighs $54M TIF for Northwestern Mutual\u2019s 1.1 MSF Tower - 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She joined CPE and MHN in 2012, with an academic background in economics, English and Italian. She currently curates the CPE Sneak Peek newsletter, highlighting noteworthy stories and emerging topics for readers. 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