GREEN BAY, WI (WTAQ) – Green Bay’s Redevelopment Authority has approved a term sheet with a developer who plans to breathe new life into the old Cub Foods building.
In a decision Tuesday, the city committee signed off on the sheet for an Illinois-based developer to convert the building into 3 to 5 mid-box retailers.
Green Bay’s economic development director Kevin Vonck says the retailers are, “well known, national companies.” However, a lawyer for the developer declined to name the companies that are in lease negotiations.
The developer hopes to buy the project for $1.7 million, while planning to invest $8 million in the project. The goal is to have it completed by 2018.
The entire Green Bay City Council must approve the term sheet.
This comes while the city negotiates with a New Jersey developer to reconfigure East Town Mall, which is just east of the former Cub property. That developer is looking to convert East Town from a traditional, interior mall into a strip mall.
