Milwaukee-based Northwestern Mutual Life Insurance Co. has announced plans to build a new office tower at its downtown campus. The company is attempting to acquire $48 million in city financing for the $300 million project.
The new building is likely to be about 30 stories and would be among downtown's largest office buildings, according to The Milwaukee Journal Sentinel. The tower would be built on the current site of Northwestern Mutual Tower, Milwaukee’s sixth tallest building.
Find a list of Milwaukee’s tallest buildings here.
City financing would come in the form of a tax increment, according to the Sentinel. Northwestern Mutual would spend its own money upfront and recover the $48 million through property tax rebates over 25 years.
“This will be a signature development that makes a huge statement about the attractiveness of the whole Milwaukee metro area,” John Schlifske, Mutual Life chairman and chief executive officer announced in a statement. “We are going to be here and continue to play a vital role in this community for generations to come.”
Demolition of the existing building is scheduled to begin in 2013, construction of the new tower in 2014.