MILWAUKEE (WTAQ) - Northwestern Mutual Life Insurance plans to build a new 30-story office building in downtown Milwaukee, to replace at 16-story structure that faces high maintenance costs.
The company announced the $300 million project Wednesday.
It asked for $48 million in tax incremental financing from the city. Northwestern Mutual said it would spend the money up-front, and then receive its allowable property tax breaks over the next 25 years.
About 1,100 employees in the old building would move to a temporary facility while the new and larger building is built. Northwestern Mutual has said it would add up to 1,700 more downtown Milwaukee employees by 2027.
CEO John Schlifske calls the new project, “a signature development that makes a huge statement about the attractiveness of the whole Milwaukee metro area.” He said it would guarantee that Northwestern Mutual plays a vital role in the city for generations to come.
Mayor Tom Barrett said the proposal sends a, “tremendous message” about the viability of downtown Milwaukee.