There was certainly no shortage of significant business news in southeastern Wisconsin this year including major events, significant expansions, big projects and a national television show filmed here. So, it’s time to take a final look back at 2024, with my annual review of the biggest local business stories of the year (you can also
There was certainly no shortage of significant business news in southeastern Wisconsin this year including major events, significant expansions, big projects and a national television show filmed here.
So, it’s time to take a final look back at 2024, with my annual review of the biggest local business stories of the year (you can also check out my lists for the biggest local business stories of 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015).
Here are my picks for the top 20 local business stories of 2024, in descending order:
20. Construction begins for FPC Live’s Deer District music venue
Construction of FPC Live’s $60 million indoor music venue in downtown Milwaukee’s Deer District began this year. The venue, which will have a capacity for 4,500 spectators in a ballroom-style setting, was originally proposed in early 2022 and underwent a contentious zoning approval process before project leaders scrapped their initial plans for a two-venue facility in the face of increased construction costs and interest rates. The facility is expected to open by the end of 2025.
[caption id="attachment_577808" align="aligncenter" width="1288"] Rendering of the indoor concert venue building that Madison-based FPC Live is building just south of Fiserv Forum in downtown Milwaukee.[/caption]
19. ABB opens new $100 million facility in New Berlin
Swiss automation and electrification company ABB opened a new $100 million facility at its New Berlin campus. The new facility serves as the headquarters for ABB’s U.S. motion business, which manufacturers drives, motors, generators, mechanical power transmission products and digital powertrain solutions for a variety of industries including mining, power and oil and gas. The New Berlin campus will be home to more than 700 ABB employees. The company is expected to add 100 new jobs there over the next three years.
[caption id="attachment_599662" align="aligncenter" width="2560"] ABB's New Berlin facility.[/caption]
18. More expansion for Milwaukee Tool
One of the most exciting business growth stories in the Milwaukee area in recent years continued in 2024. Milwaukee Tool recently purchased another office building in Menomonee Falls, its third at the northern end of the Woodland Prime business park. The building, located at 100 Heritage Reserve, is currently the local office of Charlotte, North Carolina-based Allspring Global Investments, which will move to the Historic Third Ward in Milwaukee. The building was previously the home of Strong Capital Management until the company was acquired in 2004 by Wells Fargo. Allspring was previously the asset management division of Wells Fargo, but became an independent firm in November 2021
Milwaukee Tool’s sales grew 10.7% in 2023, which puts its annual revenue at around $8.9 billion based on prior disclosures. Its sales grew 11.2% in local currency during the first half of 2024.
[caption id="attachment_603354" align="aligncenter" width="1280"] Aerial view of 100 Heritage Reserve, Menomonee Falls. Image from Crexi.[/caption]
17. Massive development planned at Marcus Performing Arts Center parking structure site in downtown Milwaukee
Seeking redevelopment proposals for the Marcus Performing Arts Center parking structure site at 1001 N. Water St. in downtown Milwaukee, city officials selected an extremely ambitious proposal pitched by Madison-based development firm Neutral. Built over several phases, the $700 million development could include 750 residential units, 190,000 square feet of office space, 40,000 square feet of retail space, 300 hotel rooms, 1,100 structured parking spaces and public plazas and walkways. It would have several buildings, including a 55-story structure that would be the tallest building in Wisconsin.
The selection of the project by the Department of City Development created a stir in the development community with some criticism of DCD’s RFP process. Some questioned the decision to award a development firm with little track record that is planning such a big project. The Common Council has yet to move forward with plans to sell the site to Neutral.
Meanwhile, the firm is working towards breaking ground on a 32-story, 378-unit apartment tower on a site along the Milwaukee River, next to the Marcus Center parking structure site.
[caption id="attachment_594278" align="aligncenter" width="1280"] Rendering from MGA[/caption]
16. Bartolotta opens The Commodore in Lake Country
The Bartolotta Restaurants, which for many years has been the leading fine dining restaurant group in the Milwaukee area, entered the affluent Lake Country market this year with the opening of The Commodore, which it created by rebuilding the former Seven Seas restaurant space on Nagawicka Lake. The 27,000-square-foot venue has a 140-seat dining room on its main level and a 250-seat event space upstairs.
15. Palermo’s breaks ground on production facility in West Milwaukee
Milwaukee-based frozen pizza manufacturer Palermo’s broke ground this year on construction of a new 200,000-square-foot production facility in West Milwaukee. The site at 3900 W. Lincoln Ave. is about three miles from Palermo’s headquarters and was previously utilized by Froedtert Malt. The West Milwaukee facility is expected to be complete in 2025. Approximately 50 jobs will be added with the opening of the plant.
[caption id="attachment_590690" align="aligncenter" width="1047"] Rendering courtesy of Briohn Building Corp.[/caption]
14. Molson Coors to shut down Leinenkugel breweries in Chippewa Falls and Milwaukee
In a stunning announcement, in November Molson Coors announced that it will close the Jacob Leinenkugel Brewing Co. brewery in Chippewa Falls and its craft beer brewery near downtown Milwaukee and will consolidate beer production from those facilities at its Miller Brewing Co. facility on the west side of Milwaukee.
The move ends production of Leinenkugel beers at the company’s iconic Chippewa Falls brewery. Jacob Leinenkugel Brewing Co. was founded in Chippewa Falls in 1867, it was sold to Miller Brewing Co. in 1988 and is now a subsidiary of Molson Coors.
The Leinie Lodge and adjacent pilot brewery at the Chippewa Falls plant will remain open.
[caption id="attachment_443587" align="aligncenter" width="770"] Leinenkugel's 10th Street facility in Milwaukee.[/caption]
13. Educators Credit Union breaks ground on new HQ in Mount Pleasant
Educators Credit Union began construction of a new 42,000-square-foot corporate headquarters facility along I-94 in Mount Pleasant. The highly visible site along the freeway is about four miles away from ECU’s existing headquarters at 1326 Willow Road. ECU anticipates that up to 125 employees will be working at the new office building, which is an estimated $17 million investment.
[caption id="attachment_583097" align="aligncenter" width="1177"] Educators Credit Union headquarters rendering from Village of Mount Pleasant.[/caption]
12. Milwaukee Rep begins work to rebuild downtown theater complex
The Milwaukee Repertory Theater this year began construction of a $78 million project to rebuild its downtown Milwaukee theater complex. The project includes the construction of three performance spaces; a large, unified lobby providing ample opportunities for community events; a dedicated Herzfeld Foundation Education & Engagement Center that will serve more than 20,000 students; and an expanded offsite production center employing hundreds of local artisans and venues with modern audience amenities. The project is expected to be complete in the fall of 2025.
[caption id="attachment_600947" align="aligncenter" width="1280"] Rendering of the Milwaukee Rep’s Associated Bank Theater Center. Credit: Milwaukee Rep[/caption]
11. Construction begins for new Milwaukee Public Museum
Although fundraising for the $240 million project is still not complete, construction began this year for the new Milwaukee Public Museum. The deterioration of the MPM’s current facility put its collections and its accreditation at risk. But the Milwaukee Public Museum is one of the community’s most iconic cultural institutions and many local residents have strong nostalgic feelings for it, and some oppose construction of the new facility. It will be interesting to see how the community reacts to the new museum when it opens in 2027.
[caption id="attachment_552506" align="aligncenter" width="2560"] Future Milwaukee Public Museum rendering. (Ennead Architects/Kahler Slater)[/caption]
10. Baird Center expansion is complete
A $456 million project to expand the downtown Milwaukee convention center, now known as the Baird Center, was completed this year to double the size of the facility to 1.3 million square feet. The project was completed in time for the facility to be used during the Republican National Convention in July. The larger facility will not only enable Milwaukee to host larger conventions but also more events at the same time or events that occur while other events are setting up or tearing down. The Wisconsin Center District says that event bookings have already increased significantly for upcoming years.
[caption id="attachment_589622" align="aligncenter" width="1280"] The expanded Baird Center encompasses two city blocks in downtown Milwaukee's Westown neighborhood. Credit: Jon Elliott/MKE Drones[/caption]
9. Northridge demolition finally begins
Northridge Mall opened on Milwaukee’s far northwest side in 1972, and it closed in 2003. Since then, little progress has been made to redevelop it. A Menards store operates out of a portion of the site. The rest is vacant had attracted vandals, causing headaches for the Fire Department. The business district around the mall has declined since the loss of its anchor 21 years ago. After a long drawn out legal battle with the Chinese investment group that owned the Northridge property and never advanced plans to establish an Asian market there, the city finally gained control of the property this year, and began demolition. The city will seek redevelopment proposals for the site.
[caption id="attachment_600275" align="aligncenter" width="1280"] March 2024: Demolition work at Northridge Mall.[/caption]
8. Fiserv opens new downtown HQ
Earlier this year, fintech company Fiserv opened its new corporate headquarters in downtown Milwaukee, relocating from Brookfield. The company is leasing 168,000 square feet of space at the HUB640 building at 640 N. Vel R. Phillips Ave. in downtown’s Westown neighborhood. The building was formerly the corporate headquarters for Boston Store’s parent company, The Bon-Ton Stores Inc., which went out of business in 2018. Fiserv, a Fortune 500 company, said it expected to have 580 employees in its first year at the new headquarters, with that number rising to 780 by its fourth year. That includes 250 jobs that will be new to the Milwaukee area.
[caption id="attachment_586030" align="aligncenter" width="1280"] Exterior of Fiserv's corporate headquarters in the HUB640 building. Image from Fiserv[/caption]
7. Kikkoman project highlights Jefferson County food and beverage manufacturing growth
Tokyo-based soy sauce producer Kikkoman Corp., which has had a facility in Walworth since 1972 (the highest-producing soy sauce facility in the world), this year announced plans to expand in Wisconsin by building a $560 million production facility in Jefferson. The Kikkoman facility in Jefferson will be used for production of soy sauce and soy sauce-related seasonings, with shipments anticipated to start in fall 2026.
The Kikkoman project is just one of several recent food and beverage manufacturing developments in Jefferson County. Nestle Purina announced a $195 million expansion of its Jefferson facility, Aztalan Bio announced it was investing $500 million into its Johnson Creek biorefinery and last year Palermo Villa acquired a former Tyson Foods plant in Jefferson and converted it into a frozen pizza facility.
In December, Finnish food technology company Onego Bio signed a letter of intent to purchase a 26-acre site in Jefferson County’s Food and Beverage Innovation Campus in the City of Jefferson. No additional information has been revealed about the company’s plans.
[caption id="attachment_602106" align="aligncenter" width="1280"] Rendering of Kikkoman’s proposed facility in Jefferson County. Credit: Kikkoman[/caption]
6. Uline continues impressive growth
Pleasant Prairie-based Uline, a distributor of shipping, industrial and packaging products, continues to grow at an impressive rate. This year it began construction for a 366,000-square-foot office building near its corporate headquarters complex. The design for the new office building will be similar to Uline’s two existing headquarters office buildings. Construction is expected to be completed by the spring of 2026. The facility could house up to 1,300 employees. The company currently has more than 2,500 employees in Pleasant Prairie.
In December, Uline opened a new 1.44 million-square-foot distribution center in Kenosha. Uline now occupies 15 buildings in Kenosha County including several large distribution centers on the Kenosha warehouse campus, plus two headquarters office buildings and additional distribution centers at the corporate headquarters campus in Pleasant Prairie.
[caption id="attachment_583004" align="aligncenter" width="1280"] Rendering of the office building planned by Uline in Pleasant Prairie. Credit: Eppstein Uhen Architects.[/caption]
5. Two luxury apartment towers open in downtown Milwaukee
Two luxury apartment towers opened this year in or near downtown Milwaukee, one near the lakefront and the other in the Third Ward. The Couture, a 46-story tower near the lakefront, was finally completed this year, after first being proposed 12 years ago. In the Third Ward, the 31-story 333 Water building opened along the Milwaukee River. Combined the two buildings have 655 units, including some of the most expensive in Milwaukee, and a majority of them remain vacant as the towers are testing the depth of the city’s high end apartment market.
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4. Top Chef highlights Wisconsin as top culinary destination
Popular Bravo TV show “Top Chef” came to Wisconsin this year, showing the world what the state’s culinary scene has to offer including restaurants, agriculture, food production and culture. One of the contestants on the show was Dan Jacobs, co-owner of DanDan and EsterEv restaurants in Milwaukee. Jacobs was one of the top-performing contestants, but came up short in the competition. But Wisconsin was the biggest winner gaining national exposure as a great foodie destination. Bartolotta Resturants chef and owner Paul Bartolotta, Lupi& Iris chef and owner Adam Siegel, the Historic Miller Caves, the Cupola Barn in Oconomowoc, the Milwaukee Brewers Racing Sausages and Discovery World were all featured on the show.
[caption id="attachment_587457" align="aligncenter" width="1280"] A scene from episode one's cooking competition at Lupi & Iris. The panel of judges includes Milwaukee's James Beard Award winning chefs Adam Siegel and Paul Bartolotta as guest judges, with host Kristen Kish, head judge Tom Colicchio and perennial judge Gail Simmons. Credit: David Moir/Bravo[/caption]
3. RNC in MKE
The 2024 Republican National Convention was held at Fiserv Forum in Milwaukee in July. It was one of the biggest events in the city’s history and had an estimated economic impact of $200 million. But the economic benefits from the RNC were a mixed bag. Hotels had a banner week, packed full charging high room rates. Additional flights were added at the airport. Numerous event venues were booked. Other service providers like caterers, florists and dry cleaners did well. But many downtown restaurants that were expecting a surge in business during the convention were extremely disappointed. The tight security perimeter around the area near Fiserv Forum inhibited RNC attendees from exploring the rest of the city. Others were bused in and out of the city from hotels in outlying areas. Much of downtown Milwaukee felt dead during the RNC as many locals stayed away to avoid the craziness.
But the RNC was also a huge opportunity to expose thousands of people to the city, region and state and promote Milwaukee to a national and global media audience. The RNC amassed 1 trillion total earned media impressions and an advertising value of $2 billion. From July 2022 to September 2024, the number of Milwaukee-2024 RNC mentions totaled 619,000, according to Visit Milwaukee.
The RNC demonstrated that Milwaukee is a great city for major conventions, especially during the summer when the weather here is terrific. The expansion of the Baird Center provides an opportunity for the city to build momentum as a convention site.
[caption id="attachment_593875" align="aligncenter" width="1280"] 100,000 balloons dropped from the ceiling of Fiserv Forum, marking the end of the 2024 RNC.[/caption]
2. Microsoft’s Mount Pleasant data center development expands and progresses
This was the biggest story of 2023 for the region, and continued to make major news in 2024. In 2023 the company announced plans for a $1 billion data center on a 315-acre site originally intended for the Foxconn development that failed to live up to the company’s original plans. Later in the year Microsoft said it was significantly expanding its plans here, but didn’t provide details.
In May of this year, President Joe Biden came to Racine County to announce that Microsoft will build a $3.3 billion artificial intelligence data center in Mount Pleasant.
During the year the company continued massive construction work in Mount Pleasant and continued to acquire land sites.
Recently the company paused work on parts of its Mount Pleasant development and said it is refining its data center design. But in a statement, the company said its capital investment commitment remains on track.
Microsoft has been working on three different sites in Mount Pleasant. Construction work at 4800 90th St. began last year on 1.1 million square feet of data center space across three buildings and is expected to be completed in 2026. Just west of that site, work began this year on 1.3 million square feet of data center space. At 11508 Braun Road, site work began this year for a project that will bring 2 million square feet of data center space across six buildings.
Designed to support Microsoft’s cloud and artificial intelligence infrastructure, the data center project is expected to create 2,000 union construction jobs and 2,000 permanent jobs over time.
In addition, through a partnership with TitletownTech in Green Bay and the Green Bay Packers, Microsoft will establish a manufacturing focused AI Co-Innovation Lab on the campus of the University of Wisconsin-Milwaukee.
[caption id="attachment_602033" align="aligncenter" width="1280"] The first phase of Microsoft’s data center complex in Mount Pleasant.[/caption]
1. Eli Lilly makes a big splash in Kenosha County
In April, Indianapolis-based pharmaceutical giant Eli Lilly and Company entered southeastern Wisconsin with its acquisition of a 100,000-square-foot pharmaceutical manufacturing facility in Pleasant Prairie, built in 2021 by Nexus Pharmaceuticals Inc. Lilly reported that it paid $924.7 million for the facility. Later in the year, the company acquired a nearby 323,930-square-foot industrial building and 31 acres of vacant land, creating a 52.5-acre site in Pleasant Prairie and the Village of Bristol.
And then in December, the company unveiled plans for a major expansion to the former Nexus Pharmaceuticals facility. The $3 billion expansion will eventually create 750 jobs at the plant, which currently has about 100 employees. Initially the company plans to add a 14,098-square-foot addition to the north of the building and a 49,221-square-foot addition to the west side of the building. The company will use the Pleasant Prairie facility to produce two of its top-selling drugs: Mounjaro, a treatment for type 2 diabetes, and Zepbound, an anti-obesity medication — both of which have exploded in demand over the last year, making it difficult for the company to keep up with demand.
The expansion project began recently and is expected to create 2,000 construction jobs and be complete in 2028.
The addition of a massive pharmaceutical company, with annual revenue of $34 billion, that is investing billions of dollars and creating hundreds of jobs could be transformational for Kenosha County’s economy.
“Lilly’s incredible investment here is a watershed moment for Kenosha County,” said Nicole Ryf, president of the Kenosha Area Business Alliance. “To have one of the largest pharmaceutical companies in the world choose to expand its manufacturing operations in our community is thrilling and speaks to the hard work our leadership has done across all levels to make Kenosha County a premier destination for new investment in the Milwaukee-Chicago corridor.”
The former Nexus Pharmaceuticals facility in Pleasant Prairie that has been rebranded for Eli Lilly. It sure was an interesting year and I can't wait to see what 2025 brings. Here's to a peaceful, prosperous and Happy New Year to you, your family and your business.
Andrew Weiland is the editor of BizTimes Milwaukee.
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