U.S. Bank and The Brewery Works Inc., the developers of downtown Milwaukee’s Schlitz Park office complex, announced today that they have closed on financing for the renovation of the project’s signature RiverCenter Building and three other office buildings on the Schlitz Park campus.
U.S. Bank is providing two loans totaling $45 million. About $15 million is for new construction for the first two phases of the $30 million Schlitz Park redevelopment project, announced last year, and the remaining $30 million is for refinancing, said Schlitz Park co-owner and developer Gary Grunau.
The work financed by the U.S. Bank loans includes renovations to the 500,000-square-foot RiverCenter Building and renovation of the two Bottlehouse buildings on the campus.
Overall, the Schlitz Park renovation includes remodeling 350,000 square-feet of office space and common areas, adding fitness and conference centers and other tenant amenities, including parks and green spaces. Developers of the project will pursue US Green Building Council LEED EB (Existing Building) certification for all renovated buildings.
“As Milwaukee’s largest bank, we are thrilled to be such a big part of this signature economic development project,” said Steve McGuire, Wisconsin market manager for commercial real estate at U.S. Bank. “We have a long history of investment in this community and despite a tough economy, we’ve not pulled back on that commitment.”
“U.S. Bank is an important partner in our efforts to re-energize downtown development, recruitment and employment by creating an office community that meets the needs to today’s blended work and lifestyles,” said Grunau. “The bank shares our vision for a vibrant downtown diverse in talent and services. Their funding demonstrates their optimism, confidence and belief in a new future for downtown Milwaukee and the surrounding area.”
