GREEN BAY, WI (WTAQ-WLUK) – More than one hundred additional rental units are being proposed for downtown Green Bay, however, this project’s target market is not like most others recently built in the area.
Most of Broadway Loft’s107 new units would be for people classified as low to very-low income.
The units would be built along the northern edge of the Rail Yard district, behind New Community Shelter.
The Rail Yard is the area Titletown Brewing Company anchors on the western shore of the Fox River.
Kevin Vonck, the city’s economic development director, talks about the possibilities with FOX 11.
“With that neighborhood and the location, I think it’s a nice transition from the shelter to the other types of housing on the property and in the neighborhood itself.”
The proposal includes one three-story apartment building with 93 units and two townhome buildings with a total of 14 three-bedroom units.
91 of the 107 units would be restricted to people with low to very low income.
Based on the Green Bay area’s median income for this year, the qualifying income for a family of four would be about $35,000.
“Look, Green Bay in of itself is a very affordable city, but sometimes that stock that is affordable is older, not kept up as well or not properly managed,” said Vonck.
Vonck says rent for the workforce units will likely range between $550 and $800 a month. He expects the market rate units to be about $1,000 a month.
The affordable housing is in contrast to other housing talked about for the Rail Yard.
In August, DDL Holdings unveiled plans for 20 high-end town homes along the Fox River. Led by Titletown Brewing Company, DDL is the group behind the Rail Yard’s makeover.
“We’re part of the Green Bay community here and there is a wide variety of demographics that we have to meet the needs for and I think this is just a great fit,” said Jim Kratowicz, the chief operating officer of Titletown Brewing.
The Broadway Lofts project doesn’t have a firm timeline. However, city staff believes a development agreement could be reached by the end of the year with ground breaking next year.
TWG Development is on two city committee agendas today to ask for money from a federal housing program.
City staff says the use of federal housing money typically comes with the requirement of maintaining certain lower-than-market rental rates.
