Foxconn Technology Group announced the acquisition of a property at 1 West Main Street (One West Main) in downtown Madison.

The company said it purchased from BMO Harris Bank and that the One West Main will be renamed Foxconn Place Madison. It will "serve to connect the University of Wisconsin-Madison and regional suppliers and partners with the Wisconn Valley Science and Technology Park and other Foxconn facilities in Wisconsin."

Foxconn has so far announced many "innovation centers” in Wisconsin as part of its deal with President Trump to build a LCD manufacturing plant in the state. But the company has yet to explain what exactly these center will do and whether they are currently operating.

Foxconn said that BMO and their approximately 100 employees in downtown Madison will continue to reside in the building, leasing space from Foxconn. Furthermore, a BMO Harris Bank branch will maintain its presence at the base of the building.

“The purchase of One West Main furthers Foxconn’s commitment to foster and retain regional talent as well as build technical capabilities in South Central Wisconsin and across the entire state,” said Dr. Alan Yeung, Foxconn Director of U.S. Strategic Initiatives.

“In addition to being the capital of the state of Wisconsin and the seat of Dane County, Madison is home to the University of Wisconsin’s flagship UW-Madison campus and is a vibrant community rich with entrepreneurs, venture capital investors, and innovative technology partners,” said Yeung. “With Foxconn Place and Wisconn Valley Innovation Center located in the heart of Madison, Foxconn looks forward to collaborating with UW-Madison and other organizations interested in partnering with us to further develop technical solutions as part of the AI 8K+5G ecosystem.”

To be honest, we are not sure what exactly the promised “AI 8K+5G ecosystem” is about.

Foxconn says that the under the signed Foxconn/UW-Madison Collaboration Declaration, Foxconn Place Madison will support research and development initiatives including advances in medical, material, computer and data sciences.