Developer seeks city financing help for ABB offices in Tosa

Land and Space

Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development.

Jan. 11, 2013
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By Tom Daykin of the Journal Sentinel

Jan. 11, 2013 0

Zilber Property Group, which would develop ABB Inc.'s new office building proposed for Innovation Campus, is seeking financing assistance from the City of Wauwatosa.

That's according to Paulette Enders, Wauwatosa development director. A specific amount hasn't surfaced yet, but the money would be provided through a tax incremental financing district which the Common Council created in 2010 for Innovation Campus, previously known as Innovation Park.

The city funds would pay for the office building's parking structure, Enders said.

"The density will ultimately require the use of structured parking to maintain appropriate amounts of green space as called for in the development plan for Innovation Campus," she wrote, in an email.

Any specific tax financing assistance for the ABB office project would require separate council approval.

That money, and other city funds spent through the financing district, would be repaid through property taxes generated by the ABB building, the Innovation Campus business incubator and other developments at the business park.

The city in 2010 committed up to $12 million through the tax financing district to help develop Innovation Campus, including funds for a new road and other public improvements. The development of Innovation Campus is being overseen by an affiliate of the University of Wisconsin-Milwaukee Foundation, and will also include an academic building.

ABB's three-story, 95,000-square-foot building, which Zilber would own and lease to the company, would carry construction costs of $13.5 million, Enders said.

The company would shift 350 employees to Wauwatosa from New Berlin, would it maintain its growing manufacturing operation and service center. ABB has 602 employees in New Berlin, where it has added more than 200 jobs over the last three years.

By the way, WTMJ-AM radio talk show host Jeff Wagner was critical of my article on the ABB announcement. Below is my response that I emailed him Thursday. I didn't hear back from Wagner, so I don't know if he provided it to his listeners. So, I thought I would provide it here:

"Hi Jeff,

"I caught the end of your segment this morning regarding my article today about ABB Inc. There seemed to be an inference that I was promoting a 'liberal agenda' by mentioning that part of the company's growth is being driven by building charging stations for the growing number of battery-powered cars.

"That's silly.

"Here's the offending sentence:

"'ABB makes power and automation technologies for utility and industry customers, including charging stations for increasingly popular battery-operated cars.'

"So, we're talking about eight words within a long article that focuses on the company's decision to locate its area headquarters at Innovation Campus, and the implications for continued development at Innovation Campus. That's hardly the stuff of agendas, liberal or otherwise.

"I included that brief reference because Ken Graber, ABB's spokesman, mentioned this fact when I interviewed him. I thought it would be of interest to our readers. That's it.

"Anyway, I would appreciate it if you could tell your listeners my view on this. And please feel free call me anytime you want to discuss, criticize or lionize my stories (I hope sincerely for lionization...)"
 

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About Tom Daykin

Tom Daykin covers commercial real estate and development.

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Helpful Links and Resources

Check the Milwaukee Assessor’s Office website, which includes tools to look up property assessments.

Find property assessments for other communities throughout the state at AssessorData.org.

The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.

The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.

The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals

The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.

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