Marcus Oksa has joined HGA as National Healthcare Market Strategist, bringing 30+ years of experience. He will collaborate across marketing, business development, and project teams to enhance HGA’s design strategies in the AEC industry.
Trump, running things already
Recorded on the day SoftBank announced a $100B investment in the US, Dave and Dan run through 2024 and look ahead to next year.
Duration compensation is back!
Optimism, but inflation’s a touch hot. Opportunities, since the Fed won’t defy gravity but will we see tariffs before we hear talk?
Milwaukee Tool expanding in Menomonee Falls with office building purchase
Power tool maker Milwaukee Tool has bought an office building in Menomonee Falls in a move that the company says will support its continued growth.
The building, located at 100 Heritage Reserve, is currently the local offices of Charlotte, North Carolina-based Allspring Global Investments, a wealth management firm that is planning to move its local office to Milwaukee’s Historic Third Ward early next year. 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
Allspring confirmed the Menomonee Falls office building sale to Milwaukee Tool, but a sale price was not disclosed or available through public records as of Monday. The property, which spans 22 acres, has an assessed value of $15.8 million, according to Waukesha County records.
Milwaukee Tool said that plans for the new facility have not yet been finalized.
“Milwaukee Tool continues to experience tremendous growth, driven by our commitment to delivering innovative solutions that enhance safety and productivity on jobsites worldwide,” the company said in a statement. “To support this momentum, we have purchased a facility in Menomonee Falls, strategically located near our existing corporate facilities in the area.”
In recent years, Milwaukee Tool has expanded, driven by rapid sales growth. The company is headquartered in Brookfield and last year opened a new office in downtown Milwaukee, at 551 N. 5th St., and recently opened a factory in Mississippi, its largest plant in the United States, where the company expects to employ more than 800 people.
The Heritage Reserve building is Milwaukee Tool’s fourth Menomonee Falls facility. The company already has about 211,000 square feet at N74 W12528 Leatherwood Court and 53,000 square feet at W127 N7564 Flint Drive, both of which are within walking distance of the Heritage Reserve property. The company also occupies 388,000 square feet at N58 W15350 Shawn Circle.
Allspring announced in January that it would move its 300 local employees from Menomonee Falls to 417 E. Chicago St. in Milwaukee’s Third Ward.
“We at Allspring couldn’t be happier to confirm that our beautiful Menomonee Falls complex will begin a new and exciting chapter,” said Jon Baranko, Wisconsin-based chief investment officer for Allspring, in a statement. “Milwaukee Tool’s purchase means that these buildings will continue to be occupied by another company with deep roots in Wisconsin.”
See photos: Zizzo Group’s ‘Donut Smackdown’
Milwaukee-based marketing firm Zizzo Group raised more than $64,000 for the Boys & Girls Clubs of Greater Milwaukee through its eighth annual “Donut Smackdown” contest.
Hundreds of donations were made by community members over a two-week window. The contest featured 56 of Milwaukee’s top business executives and community leaders, competing head-to-head in a challenge to win in two categories: speed-eating nine qualifying donuts and fundraising.
The contest’s “eat-off finale” was held Dec. 10, for the first time at Milwaukee Film’s historic Oriental Theatre on the city’s East Side. It featured the fastest three teams from the speed-eating challenge and the three top fundraising teams, who were all challenged to eat 12 Kwik Trip Glazers donuts as fast as they could.
The 2024 ‘Donut Smackdown’ champions were Brian Rutkowski, vice president and general manager of Wisconsin Center District, and his partner, Brandon Anderson, electrician at Wisconsin Center District, who won the speed-eating category for eating 12 donuts in a record-setting time of one minute and 55 seconds. Alice Ambrowiak and George Wong, both investment analysts at Baird Advisors won the fundraising category with $12,875 in donations.
“Zizzo Group’s ‘Donut Smackdown’ helps us sustain our positive work with more than 3,000 kids each day,” said Jeff Snell, interim president of the Boys & Girls Clubs of Greater Milwaukee. “The event is a classic Milwaukee formula for success: fun with friends for a purpose! Thanks to all the participants, sponsors, and donors, the kids at the Clubs will continue to receive a hug, a snack, homework help, and experience a safe, fun place to be a kid with a bright future. All of Milwaukee benefits from the work of the Boys & Girls Clubs. And who in Milwaukee doesn’t love donuts!?”
Over the past eight years, Zizzo Group has raised more than $300,000 for southeast Wisconsin community programs through the Donut Smackdown contest.
Senior housing development planned in Waukesha
Madison-based real estate developer Tukka Properties is planning a 115-unit senior housing development on Highway 18 in Waukesha at 3031 Summit Ave., according to city documents.
The 140,000-square-foot development will be located between Christ the Life Lutheran Church on Summit Avenue and the adjacent neighborhood, according to a representative from Christ the Life. All church facilities will remain.
The property will be managed by St. Louis Park, Minnesota-based Lifespark, a senior care organization with over 40 senior housing facilities across Minnesota and Wisconsin. The development, similar to others under Lifespark’s management, will offer independent, assisted and memory care facilities.
The development will include two single-story buildings, a two-story building with dining facilities, a four-story residential building as the center piece of the property and several outdoor amenities including patios and retention ponds surrounded by walking paths.
This development will be Tukka’s seventh senior housing facility in Wisconsin with other properties located in Middleton, Appleton, Cedarburg, Mequon, Fort Atkinson, and Stoughton.
A representative from Tukka or Lifespark was not immediately available for comment.
🔒 Barrett Lo’s updated Mayfair Mall development plans up for review
Detailed plans have been unveiled for the first phase of Barrett Lo Visionary Development‘s (BLVD) massive development planned at Mayfair Mall in Wauwatosa.
The Milwaukee-based development firm is planning a $400 million project with residential towers and retail space around the former Boston Store at the southern end of Mayfair Mall.
Plans for the first phase up for consideration Thursday by Wauwatosa’s Design Review Board. BLVD already received approval for the development agreement and associated $58 million in tax incremental financing in September 2023, when plans were first revealed.
The project’s first phase will include two residential towers built directly south of the former Boston Store, with an attached parking structure with 650 parking spaces, plans show.
At 20 floors, the north tower would include 256 apartment units with an approximately 2,500-square-foot ground floor retail space. The south tower would be 16 floors with 206 apartment units and an approximately 7,500-sqaure-foot ground floor retail space.
The buildings would be connected on the lower floors with a shared first-floor lobby and lounge, and an amenity level, which would include an outdoor pool and barbecue area and indoor entertaining space and fitness center, plans show.
Plans show that most of the apartment units would be studios and one bedroom, with some two- and three- bedroom units. Most units would have attached balconies.
The project would be the first of three phases, with work possibly beginning in mid-2025, BLVD has said. A representative from BLVD did not immediately respond to request for comment on Monday.
Thursday’s review is only for concept plans, according to Wauwatosa development director Mark Hammond, and detailed plans will need to come before the board again before construction can begin,
Designed by Chicago-based architecture firm KTGY, the BLVD project will include modern sustainability features including green roofs, electric vehicle charging stations, bike and pedestrian pathways, renewable power sources and stormwater storage, plans show.
Boston Store vacated its 211,000-square-foot Mayfair space in 2018 and the City of Wauwatosa purchased it in 2022 to redevelop the site. The city is working with Mayfair Mall’s owner, New York City-based Brookfield Properties, to attract new retail tenants to refill the former Boston Store space. One of the tenants could be a Dick’s World of Sports, according to multiple commercial real estate sources, which is a more experiential concept of Dick’s Sporting Goods with offerings like batting cages, rock climbing and golf simulators. Official plans for the store have not been unveiled.
🔒 Report: Milwaukee apartment market again ranked as nation’s third-most competitive
The Milwaukee apartment market was again ranked as the third-“most competitive” in the nation according to a report from Santa Barbara, California-based RentCafe, the same ranking that it gave the area’s apartment market a year ago.
RentCafe is a nationwide apartment listing service and is part of Yardi Systems, a global provider of property management software.
Miami again ranked as the nation’s most competitive apartment market, followed by the suburban Chicago area and then Milwaukee.
For the apartment market competitiveness report, RentCafe analyzed the 139 largest markets in the U.S. where data was available and raked them based on five key metrics when it comes to rental competitiveness. Those metrics were: apartment occupancy rate, average total days vacant, prospective renters per vacant unit, renewal lease rate, share of new apartments completed.
RentCafe uses those metrics to calculate a Rental Competitivity Index (RCI) to see how competitive the U.S. rental market is. The national score was 74.4 for 2024.
The Milwaukee rental apartment market’s Rental Competitivity Index in 2024 was 85.7, up from 80.3 in 2023, trailing only Miami at 91.2 and suburban Chicago at 88.0.
The Milwaukee apartment market had an occupancy rate of 95.1% in 2024, down a bit from 95.8% in 2023. Nationwide, the apartment occupancy rate was 93.6% in 2024.
According to the report, apartments in the Milwaukee market were vacant for an average of 36 days in 2024, up from 33 in 2023.
“Homebuying challenges and a tight housing supply have driven a surge in rental demand in Milwaukee,” the report states. “Millennials delaying home purchases, Gen Zers starting to rent after college and remote workers attracted by Milwaukee’s affordability are all having a tough time finding apartments in Milwaukee due to limited available options. This is further amplified by the fact that vacant apartments account for less than 5% of all rental units. Adding to this, newly built apartments represent just 2.01% of the total rental supply, which is a sharp decline from 2.91% in 2023. As a result, 70% of renters chose to renew their leases, which was slightly more than in 2023. Accordingly, the average vacant unit in Milwaukee is filled within 36 days, with 12 renters competing for each apartment.”
For small apartment rental markets ranked separately by RentCafe, Madison ranked as the 6th most competitive small rental market in the U.S. with and RCI of 85.3. Apartments in the the Madison market were vacant for an average of 28 days and the market’s apartment occupancy rate was 95.7% in 2024, down from 96.3% in 2023, according to the report.
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New public plaza proposed near downtown’s Deer District
The City of Milwaukee is proposing to use funds from two of its tax incremental financing districts (TIDs) to finance several roadway and public space projects, including a new public plaza in Westown.
Revenue generated by property taxes from downtown and Historic Third Ward commercial developments would be used to finance the $33 million in projects, according to a Friday announcement from the Department of City Development (DCD).
The proposed amendments to the TIDs are to be reviewed at a Redevelopment Authority public hearing next week, and will require Common Council approval after that.
The plaza, located just east of Deer District, would replace one block of West Highland Avenue between North King Drive and the Milwaukee River, connecting to a pedestrian bridge over the river.
Currently, the dead end road includes about 10 parking spaces, which would be removed to create a pedestrian space with new landscaping and hardscaping.
The road would still be accessible for deliveries to the surrounding office and retail buildings, plans show.
The plaza would be part of an $8 million plan that would include reconstructing a nearby stretch of West Vliet Street, between North Phillips Avenue and North Sixth Street, to improve public safety by narrowing the road and incorporating other traffic calming measures.
“There is no priority higher than making Milwaukee as safe as possible,” Mayor Cavalier Johnson said in the announcement. “These improvements reinforce our commitment to combating reckless driving, increasing pedestrian accessibility, and improving our city’s vibrancy. Residents and visitors alike will feel and experience the positive impact of these enhancements.”
Another $25 million would be spent in the Historic Third Ward and Harbor District on projects that would include improvements to Erie Street Plaza, located at the southernmost end of the Third Ward, Catalano Square, and the Kinnickinnic River Trail’s pedestrian and bike connections along South Water Street, East Pittsburgh Avenue, North Young Street and East Menomonee Street.
The funds would also go to projects reconstructing North Water Street, between East Clybourn and East Erie streets; East Menomonee Street, between North Milwaukee and North Jackson streets, and North Lincoln Memorial Drive, from just north of East Corcoran Avenue to East Summerfest Place.
Plans also call for new protected bike lanes on North Jefferson Street, between East Michigan and East Erie streets; East Erie Street, between North Young Street and East Corcoran Avenue; East Corcoran Avenue, between North Milwaukee and North Jackson streets, and South Water Street between East Pittsburgh and East National avenues.
“I am very pleased to see these public improvements moving forward throughout my district,” said Bob Bauman, the alderman representing the downtown area. “These investments will improve public safety and enhance the built environment.”
Construction on the Westown plaza is expected to start this spring. Construction timelines for the other projects have not yet been set, a DCD spokesperson said.
Find opportunities for giving and profiles of southeastern Wisconsin nonprofits in the 2025 Giving Guide from BizTimes Media.
🔒 Twin Lakes-based Allied Plastics will temporarily shut down facility
Allied Plastics will temporarily shut down its Twin Lakes facility, located at 150 Holy Hill Road, for 16 days, according to a WARN notice submitted to the Department of Workforce Development.
The temporary shutdown will affect 132 employees. It will begin on Dec. 21 and end on Jan. 6, 2025. Allied Plastics will provide holiday pay to employees on Dec. 24, Dec. 25 and Jan. 1, according to the WARN notice. Employees will be allowed to use PTO days during the temporary shutdown.
Company representatives did not respond to a request for comment on the temporary shutdown.
Allied Plastics is a full-service custom plastic thermoformer specializing in medium to heavy gauge thermoplastic parts.
Find opportunities for giving and profiles of southeastern Wisconsin nonprofits in the 2025 Giving Guide from BizTimes Media.
🔒 Two additions planned as part of Eli Lilly’s Pleasant Prairie expansion
Construction is expected to begin soon on two separate addition projects at Eli Lilly’s Pleasant Prairie manufacturing facility, located at 10300 128th Ave.
Earlier this month, Indianapolis-based pharmaceutical giant Eli Lilly and Company said it would invest $3 billion to expand the injectables facility it acquired earlier this year from Nexus Pharmaceuticals.
The company has proposed two different initial expansion projects, according to documents submitted to the Pleasant Prairie Plan Commission. The first is a 14,098-square-foot addition to the north of the existing building. The second is a 49,221-square-foot, three-story addition on the west side of the building.
The addition to the west will mainly be used as office space while the addition to the north will be additional warehouse space. Both additions are expected to be completed by March of 2026.
“At the August (Plan Commission) meeting, Lilly indicated that they intended several future expansions at the site,” according to a village staff report.
The expansion in Pleasant Prairie will allow Lilly to bolster its injectable product manufacturing as the company makes medicines to address health issues like obesity and diabetes.
Lilly’s injectable products will be produced as either pre-filled syringes or glass vials, according to plan commission documents.
The company will use automated pre-filled syringe filling equipment and automated vial filling equipment. The facility will also have a full-time security department.
Lilly previously said it will use advanced automation, including guided vehicles, robotics and production equipment, to accelerate medicine production at the facility.
Approximately 133 employees will work at the site: 95 will work the first shift and 38 will work the second shift.
However, Lilly said it expects to eventually create 750 new jobs in Pleasant Prairie after the expansion project is complete.
Lilly acquired the Pleasant Prairie facility earlier this year for $924.7 million.
The company also spent $40.8 million to buy a 323,930-square-foot industrial building near the plant at 10121 136th Ave. in Bristol, and also spent $10.2 million to buy 30.9 acres of vacant land located to the north and south of the Bristol building.
Altogether, the company has created a 52.5-acre site in Pleasant Prairie and Bristol.
Find opportunities for giving and profiles of southeastern Wisconsin nonprofits in the 2025 Giving Guide from BizTimes Media.
