The ownership group of Schlitz Park in downtown Milwaukee is seeking a $900,000 loan from the Milwaukee Economic Development Corp. (MEDC) to renovate 50,000 square feet of space in its RiverCenter building.
About 26,000 square feet of the space would be occupied by a new tenant that will bring 260 new jobs to Milwaukee.
Schlitz Park owner Gary Grunau declined to comment on the potential new tenant.
“I just can’t tell you anything about it,” he said. “It’s a confidential deal.”
The 50,000 square feet that would be renovated at the RiverCenter building is divided between the first and second floors of the building.
The total cost of the project is $1.4 million. The other lender for the project is U.S. Bank.
The MEDC Loan and Finance Committee will review the loan request on Tuesday.
Jacksonville, Fla.-based FIS recently notified the Wisconsin Department of Workforce Development that it will close its facility in the Schlitz Park RiverCenter building and will lay off about 301 employees. FIS occupies 51,000 square feet of space, Grunau said.
Also, in July Schlitz Park plans to begin work on a $35 million to $40 million renovation of the Executive and Stockhouse buildings, located along North Dr. Martin Luther King Jr. Combined, the two buildings have 150,000 square feet of office space. In addition, the former Brewhouse building in the middle of the Schlitz Park complex will be torn down and a one-acre park will be created in its place.
