The 128-year-old former Boston Store building at 640 Vel R. Phillips Ave. in downtown Milwaukee will be getting quite the makeover over the next few months as developers prepare it to house Fiserv’s new global headquarters.
In addition to extensive interior alterations planned for the new office spaces, construction permits recently filed with the city of Milwaukee show that the building's owner, North Wells Capital, is planning to construct two elevators at the building, named HUB640.
Speaking about the project on Monday morning, Tony Lindsay, principal for Chicago-based North Wells Capital, said the company is currently it the process of hiring contractors to install two private elevators for Fiserv. Located on the southeast side of the building, the elevators would solely be used by Fiserv employees, customers, and guests, Linsday said.
The elevators, as well as a stairwell addition, would serve Fiserv’s offices on the building's third, fourth and fifth floors, Lindsay said, as well as a private lobby on the first floor.
Lindsay said North Wells is still in the process of pricing out the elevator additions, but the expectation is that construction process will take about four months.
Fiserv is expected to start moving into its new digs sometime in the fourth quarter of this year, he said.
Lindsay wouldn’t share any details of the other changes and improvements Fiserv has planned for the building but said they are expected to be extensive.
“We provided Fiserv with a tenant improvement allowance and so they will be running their own construction,” Lindsay said. “They are going to be substantially improving the space.”
It’s been nearly three months since the banking technology company first announced its plans to relocate to Milwaukee’s burgeoning Westown area.
As part of its new headquarters project the company plans to add 250 jobs there over five years and invest $40 million into the historic building as part of incentives is slated to receive from the city of Milwaukee and the Wisconsin Economic Development Corp.
Milwaukee aldermen voted last month to approve an $11.6 million tax incremental financing package to support the corporate headquarters project and nearby public infrastructure.
As part of the deal, the city will reimburse Fiserv $7 million of the roughly $37 million the company plans to spend in renovating its new headquarters.
North Wells Capital is also slated to receive a cash grant of $1 million for streetscape and sidewalk improvements around the perimeter of the building.