Rendering of a building proposed by New Land Enterprises for the empty parking lot on Cherry Street, between Adams and Washington streets, in downtown Green Bay. (Image courtesy city of Green Bay)
GREEN BAY, WI (WTAQ-WLUK) — The Green Bay Redevelopment Authority endorsed plans for a luxury apartment complex on the site of a current downtown parking lot.
The eight-story, 268-unit apartment project is expected to add $38 million in property value to downtown Green Bay. However, some neighbors, including some from the adjacent Spring Lake Church and Gateway Collective, have raised concerns about the project.
According to a development agreement, the developer is asking for at least $8.5 million from the city that would be paid back over 20 years using tax revenue from the new development. That is about 15% of the minimum $55 million required for construction.
The Plan Commission provided an initial zoning approval Monday night that clears the development from the normal required square footage for units and allows residential units on the first floor of a mixed-use development.
The issue now heads to the full City Council May 21.
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