First Look at NML’s New Skyscraper
The stunning, curved glass design for the 32-floor tower is by Pickard Chilton of New Haven, Connecticut.
UPDATE: Additional renderings were added to the story at 12:10 pm.
Plans for Northwestern Mutual Life’s $450 million, 32-story, 1.1 million square-foot office tower were revealed by the company today and additional details will follow at a ceremony to be held at the company’s headquarters this morning. As promised, the new NML skyscraper will be the largest building under one roof in Wisconsin.
“This significant investment in our downtown is a great step in the right direction toward bringing more job opportunities to the city – more specifically 1,900 jobs by 2030,” Common Council President Willie Hines said in a press release. NML has pledged to pay 100 percent prevailing wages, meet the city’s 40 percent residential preference program, and meet a 25 percent emerging business enterprises goal.
A City of Milwaukee tax increment district, TID 78, will fund an annual payment to Northwestern Mutual for up to 25 years. The total payment will be equal to 70 percent of any new property taxes and capped at $54 million. The funds will be used to demolish an existing office building on the NML campus and help cover the difference in cost between building in an urban environment versus building a similar sized project on a suburban greenfield. During the January 17th meeting of the Redevelopment Authority of the City of Milwaukee, which approved the TID boundaries, Jim Scheer, of the Department of the City Development, explained that unlike many TIDs in the city this project will be developer financed, meaning ”we [the city] don’t borrow,” and “we don’t take the risk.”
An additional, $19.3 million from the TID will be used to construct public infrastructure as part of the Lakefront Gateway Project, help pay for a workforce development program, and administrative costs.
- In January the Redevelopment Authority of the City of Milwaukee unanimously, and with no opposition, approved the boundaries and plan for the tax incremental district that will supply funding for portion of the project.
- In April the Common Council approved Tax Incremental District 78 to help fund the project and associated infrastructure projects. Mayor Tom Barrett signed off on the TID shortly thereafter.
- Demolition of NML’s existing 16-story, 451,000 square-foot building on the site will begin within the next two months.
- Construction should start in the middle of 2014.
- The new skyscraper should be completed in 2017.