Foxconn's Investment in Downtown Milwaukee Goes Above and Beyond
In a joint event with Governor Scott Walker and Northwestern Mutual Life Insurance Co., Foxconn Technology Group announced their purchase of the building owned by Northwestern Mutual, located in downtown Milwaukee. This purchase goes above and beyond the company's agreement with the state as it is independent of any state incentives for investments.
The purchase of the seven-story 611 building in Milwaukee is in addition to the company's plan for a 20 million square-foot facility in Racine County. The building, called Foxconn Place, will be the headquarters for the operations in Wisconsin and will house the Wisconsin Valley Innovation Center, which will bring other start-ups and businesses together to drive innovative ideas in the emerging world of the 8K+5G ecosystem.
The purchase of the building owned by Northwestern Mutual Life Insurance Co. expands Foxconn's impact throughout Wisconsin.
From the Announcement
"We started last year in July/August when we were looking for an office to actually work out of Milwaukee in Wisconsin and that project has now become one of our most important steps in the flying eagle project," said Alan Yeung, Director of US Strategic Initiatives for Foxconn Technology Group.
"There was the purchase of additional land down in Mount Pleasant," Milwaukee County Executive Chris Abele said. "And today we are talking about the purchase, not the lease, but the purchase of a significant downtown Milwaukee building. Foxconn is putting a stake in the ground. Both of these examples are beyond the scope of what we initially talked about. This is an extraordinary opportunity, help us make it a great deal. I think it's going to be extraordinary and it's a privilege to be a part of it."
Northwestern Mutual CEO John Schlifske remarked: "In fact, we at Northwestern Mutual are going to find other ways that we can partner with Foxconn. I know we are going to move some of our venture capital activities into that building. That further solidifies the relationship that we have with them, and I can promise, this is not the beginning of something little but of something very, very big and we should all be very excited about it."
"We plan to rename 611, as Foxconn Place. And that place would begin to house what we call the Wisconn Valley Innovation Center, and there you would find the incubators and accelerators, venture capital activities, a lot of new innovations, especially with 8K+5G ecosystem would be built there. So, that would be a home for our future commercial and development activities for Foxconn and for our partners," shared Louis Woo, Special Assistant to Foxconn CEO Terry Gou.
"It is remarkable to think about the revitalization of downtown Milwaukee," said Governor Scott Walker. "I think this idea of Wisconn Valley, this footprint growing and including Milwaukee, not just downtown, but I think in the near future we are going to hear about more exciting things about growing opportunities for people to work and be connected and expand and we are going to see that footprint grow, and grow, and grow."
Read more about the announcement by clicking the link below.
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