Foxconn completes purchase of Eau Claire, Green Bay buildings

Company planning innovation centers at both locations

Last updated on July 2nd, 2019 at 09:11 pm

Foxconn Technology Group affiliates spent nearly $12 million to purchase buildings in Eau Claire and Green Bay, according to state records.

FE Watermark LLC purchased 10 condo units of the Watermark building at 301 N. Washington St. in Green Bay for $9.25 million.

FE Haymarket LLC purchased three condo units in the Haymarket Landing building at 200 Eau Claire St. in Eau Claire for $2.7 million.

Foxconn previously announced plans for innovation centers at both locations and said it planned to close on the purchases by the end of the year. The centers are intended to allow the company to engage with companies and entrepreneurs around the state.

The Green Bay center is expected to have 200 employees and the Eau Claire one will have 150, according to the company.

A Foxconn spokesperson could not immediately be reached for comment on the transactions. The deals were completed in late November, according to state records.

Based on the company’s announcements, nearly 1,000 of the 13,000 jobs Foxconn has said it will create in Wisconsin will be outside of its Mount Pleasant campus where it is building a $10 billion LCD manufacturing facility.

Most of those jobs, around 500, would be located at the company’s North American headquarters in downtown Milwaukee. Foxconn paid $14.95 million in June to purchase the 611 Building from Northwestern Mutual.

The company has also said 125 jobs will be located at an innovation center in downtown Racine. Foxconn said in October it would purchase a 46,000-square-foot office building at 1 Main St. in the city. The Racine transaction has not been completed, according to state records.

Foxconn is eligible for $1.5 billion in state tax credits for job creation in the coming years provided it hits certain targets along the way. Jobs created at the innovation centers are eligible for the credits and count towards meeting the company’s milestones, provided the positions benefit Foxconn’s work in Mount Pleasant.

The company can also earn $1.35 billion in tax credits for capital expenditures, but those credits are limited only to spending for the Mount Pleasant campus. As a result, the $26.9 million the company has spent on real estate purchases outside of Mount Pleasant this year will not earn any tax credits.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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