GREEN BAY, WI (WTAQ) — The Green Bay Shipyard site originally set for the new Breakthrough headquarters now has a new prospective tenant – which will bring hundreds of residents to the developing district.
“We’ve been working with Breakthrough for quite some time in getting a corporate headquarters, but we realized that the shipyard site was not going to be the best fit for them, so we focused on getting them a new location within the city. But with that, it’s important for us to backfill their shipyard site with another development,” says Economic Development Director Kevin Vonck, “The project looks at two large structures, four story buildings primarily multi-family apartment units. Market rate, about 225 units. And then in one of the buildings, space on the first floor for retail.”
The apartments, which would be built by Merge Urban Development Group out of Iowa, will be discussed by the Redevelopment Authority during a meeting next Tuesday.
Vonck believes the new project will generate approximately $20 million in assessed value once it’s completed, and hopes it will bring additional development to the Shipyard area in the future.
“We’re working to get additional residents in that area to help build up the market. Really take advantage of taking the Broadway District further south, and a really great location being both able to access downtown and the waterfront,” Vonck tells WTAQ News, “The redevelopment authority owns some other parcels in that area, which we’re hoping catalyzes additional development, whether it’s residential, commercial, office or a mix of all three.”
An incentive package from the city for the developers includes transfer of the 5-acre property for $1, public infrastructure improvements, site remediation, and up to $6 million in rebates on property tax payments.
The city plans for the south parcel of the Shipyard includes a great lawn for concerts and festivals, a shipping container park for temporary businesses, a dog park, marina, splash pad, and urban beach.
The $11 million plan would be paid for through tax revenue generated from new development in the area, like the apartment buildings. Construction could start this year.
The plans also include the city using $1 million to revitalize homes in the neighborhood.
“Dealing with these waterfront sites can be a bit tricky sometimes, but it’s our job to make sure that when things change, we respond quickly. We’re looking forward and I think in the end, we’re going to get a great spot for Breakthrough and I think it’ll catalyze the Shipyard moving forward as well,” Vonck says.
But what will happen with Breakthrough – who announced plans in October 2018 to build an $8 million facility for employees? The company announced the headquarters plan is now in the $15 million range, and is reportedly evaluating one site within Green Bay and another outside of the city.
