GREEN BAY, WI (WTAQ-WLUK) – Initial approvals were given Tuesday for two new housing projects in downtown Green Bay.
The separate proposals are for N. Monroe Ave and E. Mason Street.
The N. Monroe proposal is a $24 million project, which would include a Maurer’s Market grocery store. 80 housing units, both affordable and market-rate, would also be built on the property, which is currently a parking lot.
The E. Mason Street project is expected to cost about $20 million. A four-story, 100-unit, apartment building would be built on the site, which is just south of the Mason Street Bridge, along the Fox River Trail.
A recent study found Brown County needs between 1,500 and 2,000 new housing units to keep up with demand.
Between the two projects, the developers are asking for more than $6 million in financial assistance.
Kevin Vonck, Green Bay’s economic development director, tells FOX 11 it’s important for people to know that money isn’t coming from residents’ tax payments. The projects will end up benefiting taxpayers in the long run.
“You have a property right now that is not generating a lot of volume. You have a new project that is going to go on and generate a lot more value and pay a lot more in property taxes. What we’re looking for is to be able to take some of those new property taxes that wouldn’t exist without the project and put them back into the development.”
The assessed value of the E. Mason St site is currently $568,800. Vonck estimates the apartment project would increase it to $13 million.
“Yes, we’re using some of their future property taxes to put back into the project, but that helps get the project in the first place. In 15 years, something that normally wouldn’t have happened because our market is now going to be there and that really benefits all the taxpayers.”
Dean Miller, the developer for the E. Mason St project, tells FOX 11 he’s excited to have the process move along.
“I can’t think of a more exciting place really to put an apartment complex.”
For the project to be possible, the Fox River Trail needs to be moved, an old warehouse on the site has to be taken down, and the land needs to be filled to make it four to eight feet taller.
The city is offering a $150,000 grant for that work, plus up to $4 million in tax increment financing, which will be paid as the project is completed.
Miller says his rents will be comparable to the Metreau, which some have billed as the highest quality apartment units in the downtown. Studios generally are in the $1,000 range and two-bedrooms are typically between $1,500 and $2,000 a month.
“I think what will separate us is the fact we’re probably a little bit prettier. As soon as the coal piles get gone, we’ll be a lot prettier.”
Miller says he also plans to meet with the Astor Park Neighborhood Association regarding the design of the building. City leaders say the project’s design will still need some city approvals before it can be built.
The goal is to have the apartment building complete by 2023.
As for the N. Monroe project, the Redevelopment Authority agreed to proceed with the grocery store/housing proposal.
The developer is asking for the city to gift the land. The city recently paid Associated Bank $1.2 million for it.
The developer, Gorman & Company, also wants $800,000 in tax increment financing.
Paired with 80 housing units, a 24–thousand square foot Maurer’s Market grocery store would be built on the land.
The grocery store owner even came to the RDA meeting.
Kristie Maurer says, like her three other stores in southern Wisconsin, the new store will fit in with the neighborhood.
“We really like to look at the project, get a sense of the neighborhood and the community, and really design that store based on what we think is right for the neighborhood.”
The project is contingent on $10.9 million in state tax credits. The developer will find out in April whether the project will receive the money.
If it does, the goal is for construction to be done in July of 2022.
