Each week, members of the Annex Wealth Management team answer your questions about investing, money and the economy. This week Annex Wealth Management’s Matthew Morzy, MBA, CFP and Fred Coleman, CFP® answer your questions.
‘Seismic shift’ hits local craft brewing industry
As 2025 begins, major changes are coming to Milwaukee’s craft brewing scene.
Milwaukee-based Good City Brewing, founded in 2016, announced today that it is being sold to The Explorium Brewpub, which has locations at Southridge Mall in Greendale and just outside the Historic Third Ward in Milwaukee.
Explorium is taking over operations at all of Good City’s locations, which are located on the East Side of Milwaukee, in the downtown Deer District, Mequon and Wauwatosa.
The news comes one day after Milwaukee-based City Lights Brewing Company, located in Milwaukee’s Menomonee Valley, announced that it will close operations on Jan. 4.
“This decision was gut-wrenchingly difficult and comes after numerous challenges have made it unsustainable to continue,” City Lights Brewing said in a Facebook post.
Good City and City Lights join a growing list of craft brewery brands in Milwaukee that are disappearing from the marketplace. MobCraft, located in Milwaukee’s Walker’s Point neighborhood, closed in November. Company Brewing in the city’s Riverwest neighborhood closed in May. Enlightened Brewing in the city’s Bay View neighborhood will close on Jan. 5.
“The craft beer industry has experienced seismic shifts and its future will require strategic alliances,” Good City Brewing said today in a Facebook post.
🔒 Viewpoints: Top local business stories to watch in 2025
Happy New Year!
Here are some of the top local business stories that we will be watching closely in 2025:
Trump’s return to the White House
As president-elect Donald Trump prepares to return to the White House, he is promising to make waves with big changes that could impact the local economy. Policy changes on trade/tariffs, immigration, energy and more will shake things up and we will be watching closely to see how local industries are impacted.
Seismic shift hitting local craft brewing industry
Major changes are reverberating through the local craft brewing industry, which will be felt throughout 2025. On New Year’s Day, Milwaukee-based Good City Brewing announced that it is being sold to The Explorium Brewpub, which has locations at Southridge Mall in Greendale and just outside the Historic Third Ward in Milwaukee. Explorium is taking over operations at all of Good City’s locations, which are located on the East Side of Milwaukee, in the downtown Deer District, Mequon and Wauwatosa. The news came one day after Milwaukee-based City Lights Brewing Company, located in Milwaukee’s Menomonee Valley, announced that it will close operations on Jan. 4. Good City and City Lights join a growing list of craft brewery brands in Milwaukee that are disappearing from the marketplace. MobCraft, located in Milwaukee’s Walker’s Point neighborhood, closed in November. Company Brewing in the city’s Riverwest neighborhood closed in May. Enlightened Brewing in the city’s Bay View neighborhood will close on Jan. 5. We will continue to closely follow the changes in the local craft brewing industry throughout the year.
NFL Draft’s impact on southeastern Wisconsin
The 2025 NFL Draft will be held in Green Bay from April 24-26. It will be a big deal for that area, of course, but the NFL Draft has grown into a massive event attracting football fans from all over. The Green Bay area doesn’t have nearly enough hotel rooms to accommodate the number of people who typically come to watch the draft in person. So, it’s anticipated that a large number of those coming to see the draft in Green Bay will stay in southeastern Wisconsin and other areas of the state. It will be interesting to see just how many people going to the draft in Green Bay stay in the Milwaukee area and what impact that has on the region’s economy that week.
The next phase for Iron District development
This could be a big year for the Iron District development, located northeast of the Marquette Interchange in downtown Milwaukee. The Iron District is a mixed-use project led by Kenosha-based Bear Development and to be anchored by an 8,000-seat soccer stadium. A 99-unit affordable apartment building has been completed at the site, but other components of the project, including the soccer stadium, have yet to move forward as Bear has been trying to secure financing in an environment challenged by higher interest rates and higher construction costs. Construction of the stadium could break ground this year and if built it will be the home of a USL Championship league professional soccer team.
Testing the depth of downtown Milwaukee’s high-end apartment market
Madison-based development firm Neutral is moving towards a groundbreaking for its 31-story, 378-unit apartment tower, called The Edison, at 1005 N. Edison St. along the Milwaukee River in downtown Milwaukee. Construction is expected to begin this year and be complete in 2027. If it moves forward it could be the region’s most significant groundbreaking this year.
At the same time, the downtown area’s two newest luxury apartment towers, The Couture near the lakefront and 333 Water in the Historic Third Ward (both completed in 2024), are still working to fill their units. The two buildings have a combined 655 apartments, and a majority of them are still vacant. The pace of their lease-up indicates that the downtown high end housing market may be nearing saturation, but the market has two years to absorb the units at The Couture and 333 Water before The Edison is planned to open.
Meanwhile, Neutral is hoping to build a massive development next to The Edison site at the Marcus Performing Arts Center parking structure site. The firm’s proposal calls for a $700 million development with multiple buildings, 750 residential units, 190,000 square feet of office space, 40,000 square feet of retail space and 300 hotel rooms. Selected by the Department of City Development through an RFP process, the Common Council has yet to move forward with selling the site to Neutral.
The firm has a limited development track record, but breaking ground on The Edison could help convince aldermen and the capital markets that it has the wherewithal for the Marcus Performing Arts Center parking structure redevelopment.
Credit: Hartshorne Plunkard Architecture
Microsoft data center development
Microsoft has paused construction on some of its data center project in Mount Pleasant. The company says it’s refining its data center design but that its capital commitment for the project remains on track. This has been one of the most significant projects in the region since 2023 and in 2024 the company said it planned to build a $3.3 billion artificial intelligence data center in Mount Pleasant. The company has been working on three different sites in the village. We’ll be closely watching the latest developments with the Microsoft project and what comes out of its recent pause and design refinement.
Northridge site redevelopment
As demolition moves forward for the former Northridge Mall site on Milwaukee’s far northwest side the next step will be for city officials to seek redevelopment proposals. We expect to see an RFP process begin for the site, which could seek development ideas for the entire 58-acre site or have the site broken down into parts for separate RFPs for each.
U.S. Women’s Open at Erin Hills
Another major professional golf tournament will be played in southeastern Wisconsin this year. The U.S. Women’s Open will be held at Erin Hills in Washington County from May 28 to June. 1. It’s yet another big opportunity to showcase Wisconsin as one of the best states for golf in America and the crowds that come for the tournament will provide a boost to the regional economy.
Milwaukee Rep’s rebuilt downtown theater complex
A $78 million project to rebuild The Milwaukee Repertory Theater’s downtown theater complex will be completed later this year. It will provide a new jewel for Milwaukee’s cultural landscape. We can’t wait to get in and see the space and show it to you and will explore the impact it has on the city’s arts and entertainment industry.
FPC Live’s Deer District music venue
FPC Live will complete construction this year of its 4,500-spectator music venue in the downtown Deer District. FPC Live’s parent company is Frank Productions and concert industry giant Live Nation owns a majority stake of Frank Productions. The new facility will not only be a significant development for Deer District, but it will also shake up the downtown Milwaukee concert scene. It will be interesting to see if the venue, with its connections to Live Nation, is able to attract additional shows to Milwaukee or if it ends up attracting artists that would have played at other existing venues in Milwaukee.
As the new year begins, these are the stories we are keeping an eye on, but there certainly will be many more that come up over the course of the year. Can’t wait to see what 2025 has in store.
Andrew Weiland is the editor of BizTimes Milwaukee.
Nathan Roth, CPA
Nathan Roth, CPA has been promoted to tax and accounting partner at the Andaloro Smith & Krueger, LLP in Waukesha. Roth arrives with more than 16 years high wealth tax experience, with a closely held small business and individual planning background.
Amid Uncomfortable Geopolitics, The US Remains The Oasis
Heading into 2025, the US is still dealing with inflation, but seeing growth, expecting M&A, and a continuation of the easing fed. Annex Wealth Management’s Dave Spano and Brian Jacobsen discuss.
320-unit townhome-style apartment development opens in Waukesha
Menomonee Falls-based development firm Continental Properties announced that it has opened its 320-unit townhome-style Springs at Meadowbrook development built on a 63-acre site at 601 Sierra Circle in Waukesha.
The development includes studio, one-, two- and three-bedroom apartments.
The community also includes resort-style amenities, including a swimming pool, 24-hour fitness center, clubhouse, outdoor grilling stations, car care area, and a fenced pet play area.
“Opening Springs at Meadowbrook is an exciting milestone for our team, and I am eager to welcome our residents to their new homes,” said Morgan Pollock, community manager of Springs at Meadowbrook. “Our community is designed to foster connections, where residents can gather with their neighbors and participate in engaging resident events. I can’t wait for them to experience all the comforts and conveniences that make this community truly exceptional.”
🔒 Viewpoints: The biggest local business stories of 2024
There was certainly no shortage of significant business news in southeastern Wisconsin this year including major events, significant expansions, big projects and a national television show filmed here.
So, it’s time to take a final look back at 2024, with my annual review of the biggest local business stories of the year (you can also check out my lists for the biggest local business stories of 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015).
Here are my picks for the top 20 local business stories of 2024, in descending order:
20. Construction begins for FPC Live’s Deer District music venue
Construction of FPC Live’s $60 million indoor music venue in downtown Milwaukee’s Deer District began this year. The venue, which will have a capacity for 4,500 spectators in a ballroom-style setting, was originally proposed in early 2022 and underwent a contentious zoning approval process before project leaders scrapped their initial plans for a two-venue facility in the face of increased construction costs and interest rates. The facility is expected to open by the end of 2025.
19. ABB opens new $100 million facility in New Berlin
Swiss automation and electrification company ABB opened a new $100 million facility at its New Berlin campus. The new facility serves as the headquarters for ABB’s U.S. motion business, which manufacturers drives, motors, generators, mechanical power transmission products and digital powertrain solutions for a variety of industries including mining, power and oil and gas. The New Berlin campus will be home to more than 700 ABB employees. The company is expected to add 100 new jobs there over the next three years.
18. More expansion for Milwaukee Tool
One of the most exciting business growth stories in the Milwaukee area in recent years continued in 2024. Milwaukee Tool recently purchased another office building in Menomonee Falls, its third at the northern end of the Woodland Prime business park. The building, located at 100 Heritage Reserve, is currently the local office of Charlotte, North Carolina-based Allspring Global Investments, which will move to the Historic Third Ward in Milwaukee. The building was previously the home of Strong Capital Management until the company was acquired in 2004 by Wells Fargo. Allspring was previously the asset management division of Wells Fargo, but became an independent firm in November 2021
Milwaukee Tool’s sales grew 10.7% in 2023, which puts its annual revenue at around $8.9 billion based on prior disclosures. Its sales grew 11.2% in local currency during the first half of 2024.
17. Massive development planned at Marcus Performing Arts Center parking structure site in downtown Milwaukee
Seeking redevelopment proposals for the Marcus Performing Arts Center parking structure site at 1001 N. Water St. in downtown Milwaukee, city officials selected an extremely ambitious proposal pitched by Madison-based development firm Neutral. Built over several phases, the $700 million development could include 750 residential units, 190,000 square feet of office space, 40,000 square feet of retail space, 300 hotel rooms, 1,100 structured parking spaces and public plazas and walkways. It would have several buildings, including a 55-story structure that would be the tallest building in Wisconsin.
The selection of the project by the Department of City Development created a stir in the development community with some criticism of DCD’s RFP process. Some questioned the decision to award a development firm with little track record that is planning such a big project. The Common Council has yet to move forward with plans to sell the site to Neutral.
Meanwhile, the firm is working towards breaking ground on a 32-story, 378-unit apartment tower on a site along the Milwaukee River, next to the Marcus Center parking structure site.
16. Bartolotta opens The Commodore in Lake Country
The Bartolotta Restaurants, which for many years has been the leading fine dining restaurant group in the Milwaukee area, entered the affluent Lake Country market this year with the opening of The Commodore, which it created by rebuilding the former Seven Seas restaurant space on Nagawicka Lake. The 27,000-square-foot venue has a 140-seat dining room on its main level and a 250-seat event space upstairs.
15. Palermo’s breaks ground on production facility in West Milwaukee
Milwaukee-based frozen pizza manufacturer Palermo’s broke ground this year on construction of a new 200,000-square-foot production facility in West Milwaukee. The site at 3900 W. Lincoln Ave. is about three miles from Palermo’s headquarters and was previously utilized by Froedtert Malt. The West Milwaukee facility is expected to be complete in 2025. Approximately 50 jobs will be added with the opening of the plant.
14. Molson Coors to shut down Leinenkugel breweries in Chippewa Falls and Milwaukee
In a stunning announcement, in November Molson Coors announced that it will close the Jacob Leinenkugel Brewing Co. brewery in Chippewa Falls and its craft beer brewery near downtown Milwaukee and will consolidate beer production from those facilities at its Miller Brewing Co. facility on the west side of Milwaukee.
The move ends production of Leinenkugel beers at the company’s iconic Chippewa Falls brewery. Jacob Leinenkugel Brewing Co. was founded in Chippewa Falls in 1867, it was sold to Miller Brewing Co. in 1988 and is now a subsidiary of Molson Coors.
The Leinie Lodge and adjacent pilot brewery at the Chippewa Falls plant will remain open.
13. Educators Credit Union breaks ground on new HQ in Mount Pleasant
Educators Credit Union began construction of a new 42,000-square-foot corporate headquarters facility along I-94 in Mount Pleasant. The highly visible site along the freeway is about four miles away from ECU’s existing headquarters at 1326 Willow Road. ECU anticipates that up to 125 employees will be working at the new office building, which is an estimated $17 million investment.
12. Milwaukee Rep begins work to rebuild downtown theater complex
The Milwaukee Repertory Theater this year began construction of a $78 million project to rebuild its downtown Milwaukee theater complex. The project includes the construction of three performance spaces; a large, unified lobby providing ample opportunities for community events; a dedicated Herzfeld Foundation Education & Engagement Center that will serve more than 20,000 students; and an expanded offsite production center employing hundreds of local artisans and venues with modern audience amenities. The project is expected to be complete in the fall of 2025.
11. Construction begins for new Milwaukee Public Museum
Although fundraising for the $240 million project is still not complete, construction began this year for the new Milwaukee Public Museum. The deterioration of the MPM’s current facility put its collections and its accreditation at risk. But the Milwaukee Public Museum is one of the community’s most iconic cultural institutions and many local residents have strong nostalgic feelings for it, and some oppose construction of the new facility. It will be interesting to see how the community reacts to the new museum when it opens in 2027.
10. Baird Center expansion is complete
A $456 million project to expand the downtown Milwaukee convention center, now known as the Baird Center, was completed this year to double the size of the facility to 1.3 million square feet. The project was completed in time for the facility to be used during the Republican National Convention in July. The larger facility will not only enable Milwaukee to host larger conventions but also more events at the same time or events that occur while other events are setting up or tearing down. The Wisconsin Center District says that event bookings have already increased significantly for upcoming years.
Credit: Jon Elliott/MKE Drones
9. Northridge demolition finally begins
Northridge Mall opened on Milwaukee’s far northwest side in 1972, and it closed in 2003. Since then, little progress has been made to redevelop it. A Menards store operates out of a portion of the site. The rest is vacant had attracted vandals, causing headaches for the Fire Department. The business district around the mall has declined since the loss of its anchor 21 years ago. After a long drawn out legal battle with the Chinese investment group that owned the Northridge property and never advanced plans to establish an Asian market there, the city finally gained control of the property this year, and began demolition. The city will seek redevelopment proposals for the site.
8. Fiserv opens new downtown HQ
Earlier this year, fintech company Fiserv opened its new corporate headquarters in downtown Milwaukee, relocating from Brookfield. The company is leasing 168,000 square feet of space at the HUB640 building at 640 N. Vel R. Phillips Ave. in downtown’s Westown neighborhood. The building was formerly the corporate headquarters for Boston Store’s parent company, The Bon-Ton Stores Inc., which went out of business in 2018. Fiserv, a Fortune 500 company, said it expected to have 580 employees in its first year at the new headquarters, with that number rising to 780 by its fourth year. That includes 250 jobs that will be new to the Milwaukee area.
7. Kikkoman project highlights Jefferson County food and beverage manufacturing growth
Tokyo-based soy sauce producer Kikkoman Corp., which has had a facility in Walworth since 1972 (the highest-producing soy sauce facility in the world), this year announced plans to expand in Wisconsin by building a $560 million production facility in Jefferson. The Kikkoman facility in Jefferson will be used for production of soy sauce and soy sauce-related seasonings, with shipments anticipated to start in fall 2026.
The Kikkoman project is just one of several recent food and beverage manufacturing developments in Jefferson County. Nestle Purina announced a $195 million expansion of its Jefferson facility, Aztalan Bio announced it was investing $500 million into its Johnson Creek biorefinery and last year Palermo Villa acquired a former Tyson Foods plant in Jefferson and converted it into a frozen pizza facility.
In December, Finnish food technology company Onego Bio signed a letter of intent to purchase a 26-acre site in Jefferson County’s Food and Beverage Innovation Campus in the City of Jefferson. No additional information has been revealed about the company’s plans.
Credit: Kikkoman
6. Uline continues impressive growth
Pleasant Prairie-based Uline, a distributor of shipping, industrial and packaging products, continues to grow at an impressive rate. This year it began construction for a 366,000-square-foot office building near its corporate headquarters complex. The design for the new office building will be similar to Uline’s two existing headquarters office buildings. Construction is expected to be completed by the spring of 2026. The facility could house up to 1,300 employees. The company currently has more than 2,500 employees in Pleasant Prairie.
In December, Uline opened a new 1.44 million-square-foot distribution center in Kenosha. Uline now occupies 15 buildings in Kenosha County including several large distribution centers on the Kenosha warehouse campus, plus two headquarters office buildings and additional distribution centers at the corporate headquarters campus in Pleasant Prairie.
5. Two luxury apartment towers open in downtown Milwaukee
Two luxury apartment towers opened this year in or near downtown Milwaukee, one near the lakefront and the other in the Third Ward. The Couture, a 46-story tower near the lakefront, was finally completed this year, after first being proposed 12 years ago. In the Third Ward, the 31-story 333 Water building opened along the Milwaukee River. Combined the two buildings have 655 units, including some of the most expensive in Milwaukee, and a majority of them remain vacant as the towers are testing the depth of the city’s high end apartment market.
4. Top Chef highlights Wisconsin as top culinary destination
Popular Bravo TV show “Top Chef” came to Wisconsin this year, showing the world what the state’s culinary scene has to offer including restaurants, agriculture, food production and culture. One of the contestants on the show was Dan Jacobs, co-owner of DanDan and EsterEv restaurants in Milwaukee. Jacobs was one of the top-performing contestants, but came up short in the competition. But Wisconsin was the biggest winner gaining national exposure as a great foodie destination. Bartolotta Resturants chef and owner Paul Bartolotta, Lupi& Iris chef and owner Adam Siegel, the Historic Miller Caves, the Cupola Barn in Oconomowoc, the Milwaukee Brewers Racing Sausages and Discovery World were all featured on the show.
3. RNC in MKE
The 2024 Republican National Convention was held at Fiserv Forum in Milwaukee in July. It was one of the biggest events in the city’s history and had an estimated economic impact of $200 million. But the economic benefits from the RNC were a mixed bag. Hotels had a banner week, packed full charging high room rates. Additional flights were added at the airport. Numerous event venues were booked. Other service providers like caterers, florists and dry cleaners did well. But many downtown restaurants that were expecting a surge in business during the convention were extremely disappointed. The tight security perimeter around the area near Fiserv Forum inhibited RNC attendees from exploring the rest of the city. Others were bused in and out of the city from hotels in outlying areas. Much of downtown Milwaukee felt dead during the RNC as many locals stayed away to avoid the craziness.
But the RNC was also a huge opportunity to expose thousands of people to the city, region and state and promote Milwaukee to a national and global media audience. The RNC amassed 1 trillion total earned media impressions and an advertising value of $2 billion. From July 2022 to September 2024, the number of Milwaukee-2024 RNC mentions totaled 619,000, according to Visit Milwaukee.
The RNC demonstrated that Milwaukee is a great city for major conventions, especially during the summer when the weather here is terrific. The expansion of the Baird Center provides an opportunity for the city to build momentum as a convention site.
2. Microsoft’s Mount Pleasant data center development expands and progresses
This was the biggest story of 2023 for the region, and continued to make major news in 2024. In 2023 the company announced plans for a $1 billion data center on a 315-acre site originally intended for the Foxconn development that failed to live up to the company’s original plans. Later in the year Microsoft said it was significantly expanding its plans here, but didn’t provide details.
In May of this year, President Joe Biden came to Racine County to announce that Microsoft will build a $3.3 billion artificial intelligence data center in Mount Pleasant.
During the year the company continued massive construction work in Mount Pleasant and continued to acquire land sites.
Recently the company paused work on parts of its Mount Pleasant development and said it is refining its data center design. But in a statement, the company said its capital investment commitment remains on track.
Microsoft has been working on three different sites in Mount Pleasant. Construction work at 4800 90th St. began last year on 1.1 million square feet of data center space across three buildings and is expected to be completed in 2026. Just west of that site, work began this year on 1.3 million square feet of data center space. At 11508 Braun Road, site work began this year for a project that will bring 2 million square feet of data center space across six buildings.
Designed to support Microsoft’s cloud and artificial intelligence infrastructure, the data center project is expected to create 2,000 union construction jobs and 2,000 permanent jobs over time.
In addition, through a partnership with TitletownTech in Green Bay and the Green Bay Packers, Microsoft will establish a manufacturing focused AI Co-Innovation Lab on the campus of the University of Wisconsin-Milwaukee.
1. Eli Lilly makes a big splash in Kenosha County
In April, Indianapolis-based pharmaceutical giant Eli Lilly and Company entered southeastern Wisconsin with its acquisition of a 100,000-square-foot pharmaceutical manufacturing facility in Pleasant Prairie, built in 2021 by Nexus Pharmaceuticals Inc. Lilly reported that it paid $924.7 million for the facility. Later in the year, the company acquired a nearby 323,930-square-foot industrial building and 31 acres of vacant land, creating a 52.5-acre site in Pleasant Prairie and the Village of Bristol.
And then in December, the company unveiled plans for a major expansion to the former Nexus Pharmaceuticals facility. The $3 billion expansion will eventually create 750 jobs at the plant, which currently has about 100 employees. Initially the company plans to add a 14,098-square-foot addition to the north of the building and a 49,221-square-foot addition to the west side of the building. The company will use the Pleasant Prairie facility to produce two of its top-selling drugs: Mounjaro, a treatment for type 2 diabetes, and Zepbound, an anti-obesity medication — both of which have exploded in demand over the last year, making it difficult for the company to keep up with demand.
The expansion project began recently and is expected to create 2,000 construction jobs and be complete in 2028.
The addition of a massive pharmaceutical company, with annual revenue of $34 billion, that is investing billions of dollars and creating hundreds of jobs could be transformational for Kenosha County’s economy.
“Lilly’s incredible investment here is a watershed moment for Kenosha County,” said Nicole Ryf, president of the Kenosha Area Business Alliance. “To have one of the largest pharmaceutical companies in the world choose to expand its manufacturing operations in our community is thrilling and speaks to the hard work our leadership has done across all levels to make Kenosha County a premier destination for new investment in the Milwaukee-Chicago corridor.”
The former Nexus Pharmaceuticals facility in Pleasant Prairie that has been rebranded for Eli Lilly. It sure was an interesting year and I can’t wait to see what 2025 brings. Here’s to a peaceful, prosperous and Happy New Year to you, your family and your business.
Andrew Weiland is the editor of BizTimes Milwaukee.
2025. Follow the earnings
2024 was a magnificent year but international malaise is a weakness. Opportunity with new leaders in a new year but the potential for more volatility is a threat.
More big events coming to southeastern Wisconsin in 2025
After a banner event year for southeastern Wisconsin in 2024, highlighted by the Republican National Convention taking over downtown Milwaukee for a week in mid-July, 2025 is shaping up to be another big year for major events in the region.
While final numbers are still being tallied, officials have said the RNC and its 50,000 visitors generated at least the $200 million economic impact that had initially been projected. Milwaukee is unlikely to see another event with the level of prominence and exposure that a major political convention brings, but the success of the RNC set the stage for the region to attract even more high-profile and large-scale events in the future. That’s also made possible by the newly expanded Baird Center, which now has double the amount of space that it had prior to its $456 million expansion project, completed in May.
Looking ahead to 2025, in addition to the region’s major annual events including Wisconsin State Fair, Summerfest, and the Harley-Davidson Homecoming Festival, there are several special events that highlight southeastern Wisconsin’s calendar for the year.
Sports
Perhaps the most prominent among them is the 2025 NFL Draft, taking place April 24-26 at Lambeau Field in Green Bay. While that’s about a two-hour drive north of Milwaukee, the NFL Draft is expected to attract far more people than can be accommodated in the Green Bay area, so many will stay at hotels in southeastern Wisconsin. The 2023 NFL Draft was held in Kansas City, attracting more than 312,000 fans over the course of the three-day event, according to the NFL. That’s far more than the Green Bay area’s hotel market can handle, so the economic impact of the NFL Draft is expected to be significant throughout a broader area, including the greater Milwaukee region.
Other sporting events that will draw fans and national attention to the Milwaukee area include the 2025 U.S. Women’s Open Golf Championship, set for May 26 – June 1 at Erin Hills in the Town of Erin in Washington County; and the NCAA Men’s Basketball Tournament, with the first and second round games taking place March 21 and 23 at Fiserv Forum in downtown Milwaukee. Erin Hills was the host of the 2017 U.S. Open, and Fiserv Forum hosted first and second round games of the 2022 NCAA Tournament.
USA Triathlon will also return to Milwaukee in 2025 with its Sprint and Olympic-Distance National Championships and USA Paratriathlon National Championships, set for Aug. 8-10 on Milwaukee’s lakefront.
Concerts
There was a record high of 68 concerts held at stadiums, arenas and amphitheaters in the Milwaukee area in 2024, according to a recent Milwaukee Journal Sentinel article. A highlight of next year’s mix will be Billy Joel and Sting, who will perform in concert together on April 26 at American Family Field.
Baird Center bookings
Several months following the completion of a long-planned expansion project, the Baird Center is gearing up for a busy 2025 and 2026. Here is a roundup of events for the coming year with large estimated attendances (according to its operator the Wisconsin Center District):
- Dancefest/NCA 2025 (Jan. 10-11)
- 2025 RV Show (Jan. 10-12)
- 2025 Milwaukee Auto Show (Feb. 22-March 2)
- Anime Milwaukee 2025 (March 7-9)
- 2025 AdeptiCon (March 26-30)
- Midwest Gaming Classic 2025 (April 4-6)
- Oddities & Curiosities Expo 2025 (April 5-6)
- Pokémon 2025 Regional Tournament (May 2-4)
- 2025 Electrical Wire Processing Technology Expo (May 6-8)
- 2025 Annual North American Convention (May 22-26)
- 2025 USA Fencing National Championships & July Challenge (June 28-July 7)
- CRU25 National Staff Training (July 12-18)
- 2025 Milwaukee Mineral, Fossil, Gem & Jewelry Show (Aug. 13-17)
- National Guard Association General Conference (Aug. 22-25)
- The Nostalgia Con (Sep. 26-28)
- Tattoo Arts Convention 2025 (Oct. 3-5)
🔒 Industrial park developer buys former South Hills Country Club site in Racine County for $24.5 million
An affiliate of Ashley Capital, a New York-based industrial real estate company, has purchased the 223-acre former South Hills Country Club site in Racine County, where it plans to develop an industrial park.
The company bought the site, located southeast of I-94 and Golf Road in Caledonia and Mount Pleasant, for $24.5 million, according to state records.
The site was sold by Hintz Real Estate Development Company.
Earlier this year, Ashley Capital received approval from the village of Caledonia of its plans for a $440 million industrial park at the former South Hills Country Club site. The development, to be called the South Hills Commerce Center, would include 10 industrial buildings, totaling 3.8 million square feet of space and ranging in size from 218,400 square feet to 554,000 square feet, according to plans reviewed by the Plan Commission.
Ashley Capital owns more than 100 properties totaling more than 30 million square feet, throughout the country. Its portfolio includes two sites in Racine County: the Yorkville Business Center, consisting of three buildings and 714,000 square feet; and the 136-acre Enterprise Business Park, located in Mount Pleasant and Sturtevant.
🔒 F Street raises more than $30 million in private debt fund
Milwaukee-based investment and real estate development firm F Street announced that it has raised more than $30 million for its private debt fund, which provides financing for real estate investors across the U.S.
Launched in 2009, the fund now has assets under management exceeding $60 million, the company said.
According to F Street the fund has “consistently” delivered a 10% annual return to investors.
“We are thrilled to have secured this significant investment from hundreds of new investors to F Street in our Private Debt Fund,” said Scott Lurie, founder of F Street. “This funding will enable us to continue our growth trajectory and expand our ability to deploy capital across the real estate investment landscape. We remain committed to delivering exceptional returns to our investors while supporting the growth of our lending services.”
The company said it will continue to seek to raise additional capital.
🔒 What Wisconsin’s most influential business leaders say about the state’s taxes
When BizTimes Milwaukee published its second edition of Wisconsin 275, a special publication profiling the most influential business leaders in the state, we again sent a questionnaire to each of the 275 individuals that we picked to include on the list.
Most responded, and they provided some interesting and thoughtful answers to our questions.
Due to space limitations, we could only include some of the responses to the questionnaire with their profiles in the print edition of Wisconsin 275. We are doing a series of stories about each question in the Wisconsin 275 survey.
In our questionnaire, we asked the Wisconsin 275: What is one thing you would change about Wisconsin to make it even better? Their answers to that question touched on a number of topics including politics, education, taxes, transportation, funding for the arts and the weather. We are doing several stories about how members of the Wisconsin 275 answered this question. For our first story about this question, we are going to share answers that related to taxes in the state.
Here’s what members of the 2024 Wisconsin 275 class had to say about what should be done about taxes in the state:
Jim Barry III, president and CEO of The Barry Co.: “Lower tax rates across the board to make the state more competitive and a more desirable place to live.”
Tracy Johnson, president and CEO of the Commercial Association of Realtors Wisconsin: “Tax reform should focus on keeping young people and retirees in Wisconsin while fueling economic growth. First, reducing or eliminating the state income tax could make Wisconsin a more attractive place to live and work. Second, simplifying property taxes would relieve the burden on property owners. Finally, a strategic approach to implementing and using sales taxes can support both state and local economic goals effectively.”
Kurt Bauer, president and CEO of Wisconsin Manufacturers & Commerce: “Wisconsin needs a more competitive business climate, especially personal income tax rates. That one little reform could stimulate significantly more in-migration and spur more economic activity.”
Jane Blain Gilbertson, executive chair and owner of Blain’s Farm & Fleet: “Lower tax rates to attract and retain more businesses and great talent.”
Steve Booth, chairman and CEO of Baird: “Lower or eliminate the state personal income tax. It would help attract and retain higher earning / higher spending individuals and families to our state.”
Andy Wronski, managing partner of Foley & Lardner LLP: “Wisconsin needs a more growth-oriented business and tax climate.”
Tim Sullivan, dean of the Sullivan School of Business & Technology at Carroll University: “Rebalance the tax structure. We assess too much in property taxes and too little in sale tax.”
Jay Mack, Wisconsin market head and CEO of Town Bank/Wintrust: “I would focus on reducing taxes and regulations on small businesses and families. Lower taxes and regulation would generate more economic activity, and result in more prosperity for all.”
Dale Kooyenga, president of the Metropolitan Milwaukee Association of Commerce: “Income taxes are way too high to realize meaningful economic growth. Lower, and/or eliminate the top two income tax brackets.”
