Northwestern Mutual Expansion

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by Michele McCormack

MILWAUKEE---The mayor calls it the biggest development project for the city in 40 years.

He's talking about plans by Northwestern Mutual to build a new high rise tower.

"It will be 30 to 35 stories high making it the largest single tenants building in Milwaukee and probably Wisconsin," Chairman John Schlifske told CBS 58.

It will replace the existing structure which Northwestern says has become just too costly to maintain.

By staying in downtown Milwaukee, the company says it will retain its current 1,100 jobs with plans to create 1,600 more.

The $300 million project is developer funded.

But $48 million in tax incentives over 25 years helped seal the deal in Milwaukee.

"Northwestern Mutual is such an important anchor in this city," Mayor Tom Barrett said. "There was no way I was going to let this sneak away."

Demolition is scheduled to begin in 2014.

They hope to break ground the following year with the tower opening in 2016.

Northwestern Mutual believes it will be an iconic structure.

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