GREEN BAY, WI (WTAQ-WLUK) – It’s been more than five years since the idea was first proposed to redevelop vacant riverfront land in Green Bay, now known as The Shipyard site. Very little has happened in that time, but now a project is one approval away from requiring city action on its part of the plans.
As FOX 11 first told you more than a year ago, Merge Urban Development plans to build 225 apartments units on the north end of the Shipyard site. Now the $21 million project is a city council vote away from breaking ground next year.
“The purpose of this design is really to orient every unit to have a view of the City of Green Bay’s natural resource assets, being the waterfront there and the future Shipyard development,” said Joy Hannemann, co-founder of Merge Urban Development.
It’s been three years since the city council authorized $10 million for the public portion of the Shipyard.
The development agreement with Merge requires the city to put in a public path or boardwalk, a floating dock for boaters, and a kayak launch by December of next year. The second phase requires the city to put in a great lawn for concerts and events, a dog park, an urban beach, playground, and splash pad. The last phase includes a plaza with permanent or seasonal structures for food, beverage, retail, or recreation.
“When we passed the funding for the Shipyard, it was the intent that we would keep that off of the (tax) levy,” said Alderperson Brian Johnson, who represents the Shipyard neighborhood.
“If I recall it was $30 to $35 million of new increment that we needed to create over the space of maybe 8 to 10 years in order for us to achieve that.”
Johnson questioned whether there’s enough developable land nearby for enough new tax revenue to be generated. That new money is supposed to pay for the public amenities.
Another concern brought up is Merge’s development agreement allows it to receive up to $7.5 million of that new tax revenue, further cutting into money for the public projects.
“I would say right now I am reasonably confident there should be enough increment generated to primarily fund a majority of these projects,” said Neil Stechschulte, Green Bay’s Economic Development Director.
A boost could come from another 238 apartment units tentatively proposed for the nearby former Badger Sheet Metal site. Developer Impact Seven has been granted a three-month option to pursue the project, which is valued between $45 and $50 million.
The Impact Seven apartment proposal would be geared toward individuals and families making average income for the area.
Construction would be completed by the end of 2023.
Stechschulte tells FOX 11 construction on the first phase of public amenities for the Shipyard will begin this year.
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