Completed Projects
Project Michels Corporation
The Project:
NMTCs were offered in conjunction with a City of Milwaukee financing package to attract the Michels Corporation to the Harbor District. The NMTC financing was used to construct a new $51MM division headquarters building. The 130,327 SF office tower and 832 underground parking stalls houses Michels’ design and engineering teams. The Project is located at 2011-2029 & 2067 S. 1st Street, Milwaukee. The area is characterized by a poverty rate of 55.50%, an area median income of 29.43%, and a national unemployment ratio of 1.84x. The project remediated a Brownfield Site and is acting as a catalyst in the revitalization efforts of the Harbor District.
Total Project Costs $0
FIRE NMTC Allocation $6,000,000
NMTC Investor US Bank CDC
Closing Date December 2018
Distress Criteria
Community Impacts
Jobs:
The project created 250 direct permanent jobs, with 125 of those jobs being LIP accessible. In addition, the project created 234 temporary construction jobs, with 178 of those jobs being LIP accessible.
FIRE welcomes requests for NMTC’s throughout the year as we work to maintain an active pipeline of viable and potential projects throughout the region.