MILWAUKEE- After several weeks of back and forth over tax incentives, Milwaukee Tool’s quest to move into downtown has gotten the go-ahead.
The Milwaukee Common Council gave approval to the company, which plans to redevelop the five story, 350-thousand square foot office building at the corner of 5th and Michigan. The property used to be home to Assurant Health until it shut down in 2016.
“The downtown location is something we’ve talked about for a long time,” said Steve Richman, President of Milwaukee Tool. “Our ability to recruit the best people is critical to our future success.”
The Council voted unanimously to allocate $20-million in tax incentives to allow the company to move forward on the project. The entire project comes with an estimated price tag of $46.6 million and could create 1,200 new jobs.
“Our biggest battle and our biggest challenge every day is finding the talent that we need to continue to grow,” said Richman. “The downtown location provides an opportunity for us to recruit people who want to live and work in a downtown environment.”
The downtown renovation project is slated to begin on September 1st, with a targeted completion date of January 2022.
Richman joined John Mercure on Wisconsin’s Afternoon News Wednesday. Listen to their conversation above.