A rendering of a proposed 175 housing unit and community space project in the former Associated Bank parking lot on N. Monroe Street, downtown Green Bay. (Image courtesy of Three Sixty Real Estate Solutions LLC)
GREEN BAY, WI (WTAQ-WLUK) — A La Crosse developer was granted a six-month option on Tuesday to develop the former Associated Bank parking lot into apartments and townhouses.
The city purchased the lot, 200 N. Monroe St., in 2019, and has been trying to develop the site. A 2019 plan that included a grocery store and 80 housing units didn’t materialize. Neither did a 2021 proposal for a different grocery story and 172 housing units.
The latest plan comes from Three Sixty Real Estate Solutions LLC. The $28-to-32 million project includes a six-story, 148-unit multi-family building along Monroe Avenue, and 27 townhomes along Quincy Street.
The city’s Redevelopment Authority approved the planning option, which gives Three Sixty Real Estate time finalize plans.
Jeremy Novak, vice president of development for Three Sixty, said all of the units would be rental properties.
While there could be room for first-floor retail tenants, Novak notes there is already a surplus of that type of space downtown. Instead, the project may include “incubator space.”
“What is the need? How can we plug a gap? We’ve had really good success with incubator offices. So, people who live on site may have a need for a small office that they can rent on a per-case basis, or a month-to-month basis, or an annual basis. And we’ve had really good success and response to that model,” Novak said.
The apartments would include 54 studio, 51 one-bedroom, and 43 two-bedroom. The townhomes would be a mix of one to three bedrooms. There would be a variety of price points.
“With units available for residents earning 60-120% of the area median income (AMI), The Monroe ensures that a diverse range of individuals and families can access quality housing. This approach not only supports economic diversity but also strengthens the social fabric of the community, allowing people from various backgrounds to live and thrive together,” according to the proposal.
If final approval is eventually given, the project could be ready by spring 2027.
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