Ixonia Bank to open branch in Foxconn’s downtown Milwaukee building

Foxconn plans to purchase the 611 Building on Wisconsin Avenue in downtown Milwaukee.

Last updated on May 15th, 2019 at 04:47 pm

Ixonia Bank plans to open a branch in Foxconn’s downtown Milwaukee building at 611 E. Wisconsin Ave., according to a new permit filed with the City of Milwaukee.

Foxconn’s building in downtown Milwaukee.

The commercial alteration permit calls for Milwaukee-based Solid State Architecture LLC to remodel a 114,000-square-foot first-floor space at the northwest corner of the building for a commercial and office space for the bank. An Accessability Analysis filed with the city indicates the renovations for a downtown branch would cost $305,000.

Last year, the 611 Building was purchased by Foxconn Technology Group, which said it planned to establish its North American headquarters there and plans to eventually locate about 500 employees in the building. The seven-story building is about 145,000 square feet and was built in 1964. In July, Foxconn was seeking proposals for building improvements to ready it for multi-tenant occupancy. Milwaukee-based Robert W. Baird & Co. Inc. is also occupying some space in the building.

The building is one of several in Wisconsin where Foxconn said it planned to establish innovation centers. An article from The Verge last week suggested many of the projects have not made significant progress.

This will be Ixonia Bank’s first Milwaukee County branch. The Ixonia-based bank currently has seven branches in Ixonia, Dousman, Hartland, Oconomowoc and Watertown, as well as a loan production office in Madison. The bank has been expanding its branch network in recent years, moving into Dane County in 2017 and adding a second Oconomowoc branch last year. In 2017, bank leaders indicated their plans to move into downtown Milwaukee long-term.

Founded in 1918, Ixonia Bank was recapitalized by the Lubar family in 2012. Sheldon Lubar is president and chief executive officer of Ixonia Bancshares Inc., the bank’s holding company. According to its most recent filings with the FDIC, Ixonia Bank had 86 employees, $364 million in total assets and $1.8 million in net income at the end of 2018.

A spokeswoman for Ixonia Bank did not reply to requests for comment.

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Molly Dill
Molly Dill, former BizTimes Milwaukee managing editor.