GREEN BAY, WI (WTAQ-WLUK) – Plans to bring a grocery store and housing to a vacant downtown Green Bay property are still on track.
Green Bay’s Redevelopment Authority recommended approval of a term sheet Tuesday for a 20,000-square-foot Maurer’s Market grocery store, 76 market-rate apartment units to be built in a four-story building above the grocer, and 10 two-story townhome units divided between two buildings.
The project would be built on the 200 block of N. Monroe Avenue, which is currently used for parking.
Gorman & Company, the developer for the project, first introduced the plans publicly in October 2019.
Ted Matkom, the Wisconsin Market President for Gorman & Company, told the Redevelopment Authority that Maurer’s Market is nervous about the project considering the impact of COVID-19 and the potential of more people working from home rather than near the proposed grocery store.
Downtown Green Bay is designated as a food desert by the USDA because of its lack of a grocery store. The need for a downtown grocer has been a topic among city staff for more than a decade.
The city purchased the property from Associated Bank for $1.2 million.
The term sheet calls for the city to gift the property to the developer for $1. The developer would have to pay the city $1.2 million, the estimated value of the property, if the assessed value of the property is not at least $6 million by January 1, 2024.
The city would also provide a PAYGo Reimbursement of no more than 80% of the available tax increment for the property.
No taxy levy dollars would be used for the project.
Upon the project’s completion, the city estimates the property will be worth $13 million, which would bring in $312,910 in total taxes each year.
Comments