The 222 building on College Avenue in Appleton, December 7, 2023. PC: Fox 11 Online
APPLETON, WI (WTAQ-WLUK) — A major redevelopment is on its way to downtown Appleton. The city’s common council approved a developer agreement Wednesday night to move U.S. Venture’s headquarters to the area’s 222 building. The final vote was 14 to 1.
“This is a pivotal moment,” Appleton Downtown Inc. Executive Director Jennifer Stephany said. “It is definitely a win, win, win, win, win for downtown Appleton.”
It’s a major change that Appleton Mayor Jake Woodford has praised.
“We do have a lot going on in the city of Appleton and I’ve got to tell you it is a really exciting time to be here in our community and I’m just so proud to have had the opportunity to play a small part in it,” Woodford said.
By moving its company headquarters to the 222 building, U.S. Venture will invest roughly $40 million into the building. Appleton will invest $2 million through a TIF district. Alderperson Kristin Alfheim called it a good move for the city.
“It’s such a big deal when we say there isn’t really zero output from the city,” Alfheim said. “It’s true. We are not giving anything away that exists today. This is a wonderful win for our community, for our businesses downtown. It’s truly a great day.”
And leaders at U.S. Venture expect a significant economic impact for the property by the time construction is complete.
“The investment will increase the assessed value of the building from around 13 million dollars today to nearly 30 million dollars in 2026,” U.S. Venture’s James Fenlon said.
The move will result in all 650 headquarter- based employees making the move from Kimberly. As part of the developer agreement, the city has guaranteed an equal number of parking spots in the nearby green ramp. Bringing in additional foot traffic is something U.S. Venture, Appleton businesses and local government leaders are excited for.
“Will achieve the preservation of what is a fairly iconic structure in the central business district of downtown Appleton,” Fenlon said.
“Really rings true to our efforts, the community efforts, the cities efforts to be that destination for business, for visiting and for living,” Stephany said.
“A development agreement that is fair and protects the interest of our taxpayers and presents a great opportunity for a big project for our community,” Woodford said.
The project is expected to take roughly 18 months to complete.
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