APPLETON, WI (WTAQ-WLUK) – U.S. Venture is halting plans to building a new headquarters in downtown Appleton, and instead intends to purchase the 222 Building on College Avenue.
For several years, U.S. Venture has explored building a new headquarters on “the bluff site” but has decided that’s not currently feasible, according to Mercedes Bereza, vice president of marketing.
In an email to FOX 11, Bereza said:
While pausing construction on the bluff site for the near term was a difficult decision, we simply do not feel ready to build a new building in the post-Covid era. High construction prices, high interest rates, and the excess of available office space in the area, coupled with uncertainty regarding what should be built, including size of the building needed, and the number of team members who will be in-office, have prompted us to reevaluate our plans. U.S. Venture remains committed to, over time, exploring options for the bluff site, including a possible future office building. Future planning for the property will occur in close collaboration with the City of Appleton and other stakeholders to ensure further activation of the neighborhood, complement existing uses, and benefit to the community over time.
Appleton Mayor Jake Woodford praised the decision.
U.S. Venture has, for many years, held fast to the vision of bringing their corporate headquarters into Downtown Appleton. At a time when many corporations across the country are reducing their office occupancy, or even outright abandoning downtowns and business districts, U.S. Venture has expressed an intention to do just the opposite. While the approach might look different than what was originally proposed, benefits to our local economy brought by hundreds of well-paying corporate jobs moving into our central business district remain. Additionally, through collaboration and a shared focus on the vibrancy and vitality of the community, U.S. Venture’s new approach presents many more opportunities in the future.
Bereza said if the building purchase goes through, extensive work would be done before about 500 team members would move in. The overall cost of the project is expected to be about $56 million.
“If finalized, the project would result in the complete remodeling of the 222 building, including substantial focus on increased energy efficiency, including the building’s heating system, windows, and other planned upgrades. This adaptive reuse and investment reflect U.S. Venture’s deep commitment to environmental sustainability, and we are committed to making a sustainable decision regarding our headquarters. Given current market conditions and the excess of available office space in the area, we believe the revitalization and substantial investment in an existing space is in the best interest of both our company and the city,” she said.
Appleton Downtown Inc. is excited about the announcement.
“Whether it’s service industry, retail, restaurants, coffee shops, they’re all going to feel the impact of this additional infusion of employees,” said Executive Director Jennifer Stephany.
One of the previous points of contention was reaching a parking deal between the company and Appleton. Those talks continue.
“U.S. Venture has requested information on available capacity in municipally owned parking structures and intends to provide parking for our team members at our expense, resulting in financial benefit to the City of Appleton,” Bereza said.
Woodford agreed.
“Large-scale complex projects, such as this one, require collaboration, communication, and intentional effort to move forward. I am pleased with the way we have worked together on this new iteration of the headquarters project. There is a great deal of work ahead, and many steps of the process to undertake before this move can come to fruition, and the City of Appleton is committed to working tirelessly to facilitate the process while maintaining the transparency and stewardship of resources our taxpayers expect from us,” the mayor said.
U.S. Venture says it will apply for TIF supports from the city, but no agreements have been reached.
The company hopes to complete the building purchase in early 2024. The remodeling project could take until summer of 2025 to complete, she said.
The company’s current corporate headquarters is at 425 Better Way in Kimberly.
U.S. Venture describes itself this way: “For over 70 years, U.S. Venture, Inc. has been recognized as an innovative leader in the distribution of renewable and traditional energy products, lubricants, tires, parts, and using data-driven insights to manage energy and information in the global movement of goods. U.S. Venture delivers creative, sustainable solutions that give their customers a competitive edge, and enable the company to support the communities in which they live, work, and play. Through the values lived by their family of brands, U.S. Energy™, U.S. AutoForce, Breakthrough, U.S. Lubricants, and IGEN, U.S. Venture seeks new ways to drive business success while being steadfast in its commitment to making the world a better place.”
Comments