Foxconn Technology Group will purchase an office building in downtown Milwaukee and could potentially bring hundreds of employees to work in the city.
The company is planning to purchase the 611 Building at 617 E. Wisconsin Ave. from Northwestern Mutual Life Insurance Co., according to a press release.
Foxconn and Northwestern Mutual will officially announce plans for Foxconn to purchase the seven-story, 132,000-square-foot building and parking lot during a press conference on Tuesday.
Foxconn representatives will be joined by Gov. Scott Walker for the announcement.
The class B office building was constructed in 1964. The property is assessed by the city of Milwaukee at about $11.5 million.
Northwestern Mutual representatives could not immediately be reached for comment.
Any jobs Foxconn creates at the office building could be eligible for a portion of the $1.5 billion in refundable tax credits the company was awarded by the state. Foxconn can earn the credits on jobs outside of the designated area in Mount Pleasant as long as the work is in support of manufacturing activities there.
Any employee wages up to $100,000 per employee could earn a 17 percent credit and any wages up to $400,000 per employee count towards the company’s annual average wage, which has to be at least $53,875.
Foxconn told state officials it would have 870 business support positions in finance, IT and human resources out of the 13,000 it plans to create.
“I’m pleased that another significant company is choosing Milwaukee,” Rocky Marcoux, city development commissioner said in a statement. “I welcome Foxconn to the center of our city.”
