Century City Business Park: OVERVIEW
The Century City Business Park is located on Milwaukee’s north side near the intersection of North 31st Street and West Capitol Drive in the 30th Street Industrial Corridor. In 2009, the City of Milwaukee acquired 84 acres of the former A.O. Smith/Tower Automotive and undertook a $40 million dollar initiative to remediate blight, cleanup environmental contamination, update the infrastructure and create a new business park. Between 2010 and 2014, the City razed 2.5 million square feet of dilapidated buildings and remediated soil and groundwater contamination. The City also rehabilitated and updated a 300,000 square foot industrial building. Between 2015 and 2017, the City created a stormwater management facility to serve future business park tenants and made improvements to green space, streets, sidewalks, storm sewers, water supply, electrical, gas, street lights, and telecommunications.
The boundaries of the business park are generally determined by the Century City Redevelopment Plan, which was approved in 2005. The business park is made up of 15 discrete parcels. Nine parcels are zoned for heavy industrial uses and the remaining seven are zoned for light industrial or commercial uses. These parcels are both privately and public owned and currently have five business operations that employ hundreds of people. The employers include Talgo, Inc., Good City Brewing, City of Milwaukee Department of Public Works, Milwaukee MTESC, and Pak-Technologies. Two of the parcels were redeveloped by a private developer for residential use as the Century City Lofts. One parcel is being developed into a public green space in cooperation with the Century City Tri-Angle Neighborhood Association, Clean Wisconsin, MKE Plays, and other partners.
There are approximately 75 acres of publically and privately owned land that is available for new development. Site amenities and additional information can be found at the links below.
Century City Business Park: NEWS
May 2019: Talgo will bring more work to the Century City Business Park. On May 13, Talgo announced they were awarded a $138.9 million dollar contract for rebuilding 121 rail cars operated by Metrolink, a commuter rail system in Southern California. The work will be completed in their Milwaukee facility at Century City. This contract is in addition to the current work they are performing for the Los Angeles County Metropolitan Transportation Authority.
More information can be found on Talgo’s website and in articles from Urban Milwaukee and the BizTimes.
Century City Business Park Incentives: OPPORTUNITY ZONE
The 30th Street Industrial Corridor and the Century City Business Park are located within an Opportunity Zone. Opportunity Zones, formed in the Tax Cuts and Jobs Act of 2017 and established in April 2018, are designated census tracts eligible to receive private investments through Opportunity Funds. Opportunity Funds deploy equity investment capital in Opportunity Zones for eligible purposes, including investment in real estate and small businesses. U.S. investors receive a temporary tax deferral and other tax benefits when they reinvest capital gains into Opportunity Funds for a minimum of five years.
The Opportunity Zones program offers three tax incentives for investing:
- Temporary Deferral: A temporary deferral of inclusion in taxable income for capital gains reinvested into an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is disposed of or December 31, 2026.
- A Step-Up in Basis: A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original gain from taxation.
- Permanent Exclusion: A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund.
Find out more about Opportunity Zones from the City of Milwaukee, the Wisconsin Housing and Economic Development Authority (WHEDA) and the IRS.
Good City Brewing created a Qualified Opportunity Fund to facilitate their expansion at the Century City Business Park in 2018.
Good City Brewing
Mayor Tom Barrett and members of the community welcomed Good City Brewing to the Century City Business Park this morning.
Good City Brewing is moving its corporate offices and warehouse operations to the Century City Business Park located on Milwaukee’s northwest side. Their new location will be in the Century City 1 building located near West Capitol Drive and North 31st Street. Century City 1 is a 53,160 sf flex industrial building that was co-developed by General Capital Group and the City of Milwaukee in 2015.
Dan Katt, Good City co-founder, said Century City provides an immediate business solution. “We’ve expanded our brewery 4 times in the 2 years since we opened our doors, and we are simply out of space on the east side. The demand for our beer, especially our flagship Motto Mosaic Pale Ale, and the growth that comes with it, is very exciting.”
The Century City 1 building was built in an effort to spur development and job creation at the Century City site. The building has housed temporary tenants since it was constructed, including the company assembling the floor for the Milwaukee Bucks’ new arena.
“Good City Brewing will find Century City is an ideal location to grow. The site has strong transportation connections along with a nearby workforce that is eager and capable,” Mayor Barrett said. “Good City’s business is on a positive trajectory, and this move will keep the brewery headed in the right direction.”
For more information, click here for Good City Brewing's news release.
Additional Site Information Available Below: