"Incredible momentum underway:" $76M in development for Schlitz Park over next five years
MILWAUKEE – The developers of Schlitz Park announced future real estate projects planned and under consideration at the 46-acre riverfront office complex including building new office space, a hotel and apartments. Schlitz Park recently completed a $62 million renovation that began in 2011.
At the renovation’s start, Schlitz Park was at 67 percent occupancy with 400,000 square feet of space available of its total 1.2 million square feet campus. Between 2011 and spring 2015, Schlitz Park signed 22 new or expanded leases with such tenants as the Milwaukee Bucks, UMB Fund Services, HSA Bank, AECOM and Readers Digest Association. Many of these tenants moved to Schlitz Park to accommodate accelerated employment hiring goals. In total, these expanded and new leases equaled 1,500 new jobs.
On Thursday, August 6th, Schlitz Park announced additional new lease and letter of intent activity that increases the office complex’s occupancy rate to 98 percent and leaves Schlitz Park with only 15,000 square feet of available space. The recent leasing activity brings another 400 jobs to Schlitz Park for a total of nearly 2,000 jobs added since 2011 including 1,000 new jobs in the community.
“With renovated buildings, green space and an expanded array of lifestyle amenities that appeal to the needs of today’s young professional workforce, incredible momentum is underway at Schlitz Park. We’ve created a vibrant office community successfully competing in the new economy,” developer Gary Grunau said. “Further, the arena development, Street Car construction and strong adjacent apartment market adds to the vibrancy of Schlitz Park and our excitement about the future possibilities.”
Next up for the corporate property is converting warehouse space (formerly occupied by Assurant Health) in the River Center building into 50,000 square feet of office space available for lease in 2016.
Another possible 2016 project is the transformation of one of Schlitz Park’s most iconic buildings -- the Powerhouse -- with an addition that will create 80,000 square feet of office space. Centrally located on the Schlitz Park campus, the planned four stories of office space will overlook Brewhouse Square, the river and downtown. Building amenities will include outdoor terraces, a free fitness center (which would be Schlitz Park’s fourth fitness center) and a conference center.
A third office project under consideration is a four floor, glassed-wrapped vertical addition atop the River Center that would add 160,000 square feet of space. This includes a private roof-top terrace that would offer unmatched river and city views. These three office projects would provide enough space to accommodate 1,800 employees ultimately bringing the total number of people working at Schlitz Park to 6,000.
Additionally, Schlitz Park revealed plans for a 140-room business traveler-friendly hotel located on the river to the south of ManpowerGroup headquarters, and a 140-unit apartment complex on the northeast corner of N. 2nd and W. Pleasant Streets. The apartments would be a two-phase project marketed to young professionals.
“This four-year vision for Schlitz Park reflects our continued strategy to provide a unique space where today’s workforce wants to work, play, and live,” Grunau said. “Since 2011, our guiding philosophy has been to create an office community that provides tenants with the ‘Best of all Worlds.’”
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