Grundfos will lease space on the Milwaukee Water Council’s executive suite floor.
“Partnerships are essential to advancing innovation in the water industry,” said Jay Stellmacher, national sales manager at Grundfos North America. “The Water Research & Business Accelerator Center provides Grundfos with yet another opportunity to collaborate with other key players, hastening the development of water technologies that contribute to a more sustainable infrastructure.”
Expected to open in early 2013, the Water Research & Business Accelerator Center will house water-related research activities for universities, existing water-related companies, the Water Council and companies promoting business development and accelerator space for new, emerging water-related companies.
“We’re absolutely thrilled to see another international water technology company expanding its presence here in Milwaukee” said Dean Amhaus, executive director of the Milwaukee Water Council. “The expertise that Grundfos brings to the table will only increase the already dynamic synergies within the Accelerator Center and Milwaukee's global water technology cluster.”
The 106-year old structure, a 98,000 square foot former warehouse, is adjacent to the Reed Street Yards, which the City of Milwaukee has designated as a water technology research park. The building’s redevelopment is considered a catalytic project for the Reed Street Yards Tax Incremental District, setting the stage for the City of Milwaukee to move forward with the infrastructure improvements to establish the water technology research park — and the Milwaukee region — as a global showcase for water management.
The new water research and business accelerator building is believed to be the first of its kind in the United States and one of only a handful in the world. Other initial tenants include A.O. Smith Corp., Badger Meter Inc., Milwaukee Water Council and University of Wisconsin-Milwaukee (UWM). The building is being developed by HKS Holdings, LLC and is owned by private investors. The project is being supported by the Richard and Ethel Herzfeld Foundation and through a $750,000 investment by the Wisconsin Economic Development Corporation (WEDC). It will also partially be financed through a combination of New Market Tax Credits and Historic Tax Credits.
Grundfos is based in Denmark, and its North American headquarters are in Kansas City, Mo. The company will begin its Milwaukee presence with just one employee.
Amhaus said the Milwaukee Water Council continues to look for start-up water technology businesses to be tenants in the building.