A rendering of a proposed 198-unit residential development along the Fox River in downtown De Pere with a view of a restaurant overlooking the water. (Photo credit: City of De Pere)
DE PERE, WI (WTAQ-WLUK) — It appears a major residential development, with a potential assessed value of $70 million, could transform downtown De Pere.
The city’s Common Council will review a conceptual plan Tuesday that calls for New Land Enterprises, the Milwaukee-based firm that is also building the NOVA project in downtown Green Bay, to build 198 residential units along the eastern edge of the Fox River, just north of the Claude Allouez Bridge, on the 100 block of S Broadway.
The housing units would include 33 condominiums for ownership, 12 two-story condos along the waterfront and up to 21 condo units on the top floor, along with 165 market-rate apartments.
City documents state most condos would expect to be in the range of $370,000 to $950,000 with several exceeding $1 million.
De Pere Development Services Director Daniel Lindstrom writes “this property is one of the most difficult in the district” and “requires the right mix of building design, appropriate density, financial feasibility, and a strong public-private partnership.”
Property records show the land is a mix of parcels owned by the City of De Pere and MP Broadway LLC, which Jonathan Mulva is listed as the registered agent for.
New Land Enterprises would purchase the parcels before beginning construction, according to city documents.
The development would also include 255 interior parking spaces, “significant residential amenities”, pedestrian-focused outdoor spaces, and the potential for three to four new retail or restaurant establishments.
The building would be six stories facing Broadway and seven stories tall along the Fox River.
“The commercial spaces are currently planned to include restaurants with outdoor dining overlooking and along the waterfront,” Lindstrom writes in an explanation of the project.
City documents state Front Street would be converted to a pedestrian-focused riverfront public open space. A “statement public staircase” would connect Broadway to the riverfront on the south side of the property.
Residential amenities would include a second-floor pool with grilling station and clubroom, coworking space, an office, fitness center, golf simulator, and a pet spa area.
The city would provide $8.3 million in a reimbursement grant following project milestones, as well as $3.5 million in a PAYGO Project Grant in the form of a Municipal Revenue Obligation schedule.
“The Development Incentive total dollar amount may seem significant at approximately $12 million, but it is in line with the percentages for other downtown and other income-generating projects around the city,” wrote Lindstrom.
The plan would be to start construction in the fourth quarter of this year and be done in the fourth quarter of 2028.
City documents state the proposed plan is conceptual, but a formal development agreement would be drafted if the common signs off on the proposed terms.
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