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U.S. Bank Announces Close of Funding for Schlitz Park Development
MILWAUKEE — U.S. Bank and the developers of downtown Milwaukee’s Schlitz Park have announced 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.
At 500,000 square feet, RiverCenter makes up roughly one-third of the Schlitz Park project’s square footage. .
Renovation of the campus’ two Bottlehouse buildings – also financed by U.S. Bank -- began in late 2011 and is expected to be complete later in 2012. 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 providing two loans for the project totaling $45 million. The new RiverCenter loan is the latest milestone in the renovation of Schlitz Park, for which U.S. Bank has served as the primary financing partner.
In addition to the RiverCenter loan, U.S. Bank has extended more than $35 million in community development loans throughout Milwaukee in 2011.
“US 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 Gary Grunau, president of the Grucon Group, developer of Schlitz Park. “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.”
For nearly two decades, the Schlitz Park office park has been the catalyst for more than $600 million in economic development – the most of any area in Milwaukee. At its peak, Schlitz Brewing was the largest brewer in world, employing 3,000 workers. Today, more than 4,200 employees from several different companies occupy the space. Developers of the project expect the renovation will attract an additional 1,800 workers from tenants such as AECOM, which signed a lease for more than 21,000 square feet of space at the start of 2012.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $340 billion in assets as of Dec. 31, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,085 banking offices in 25 states and 5,053 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
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