GREEN BAY, WI (WTAQ-WLUK) – Three major housing projects could all be under construction at the same time, within a few blocks of each other in downtown Green Bay, over the next few years.
Green Bay’s Redevelopment Authority provided initial approval for two new development agreements Thursday afternoon.
The first of those projects is a six-story apartment project planned for Cherry Street, where the former Bosses’ News & Tobacco currently sits.
The other project calls for the redevelopment of the top five floors of the U.S. Bank building on Pine Street.
“The intent of the development is to be very upscale apartments available for lease,” said Tim Besaw, a developer for the project.
Those projects are in addition to NOVA, from New Land Enterprises out of Milwaukee, which is an eight-story luxury apartment project that is set to start construction in December in the parking lot at the northwest corner of Cherry and Adams Streets.
The old Bosse’s News and Tobacco shop would be demolished to make way for the six-story, 71-unit apartment building.
That project was originally proposed two years ago as 57 units. It stalled due to increased construction costs, but the plan is an increase in units will make it more financially viable.
For the U.S. Bank building, 55 apartment units are planned for floors three through seven. Those floors were offices, but have been vacant for nine years, according to Besaw.
There are 126 total units between these two new projects, which will be market rate rents.
Throw in NOVA and the adjacent affordable apartments finishing up, City Center Lofts, and you have 466 new housing units for downtown Green Bay.
“Years ago, we felt 200 residential units needed to be under construction at all times downtown,” said Jeff Mirkes, the executive director of Downtown Green Bay, Inc. “Now that is appearing to be true. We need even more of that long term.”
The city could provide up to $3.2 million in assistance for the Cherry Street apartments — a project that is required to bring at least $9.5 million in property value.
Up to $4.1 million could be provide for the U.S. Bank building project, which is expected to have a property value of $9.6 million.
While a majority of the units coming will have higher-end rents, Mayor Eric Genrich points out there’s been new affordable housing too.
In September, the 43-unit City East Apartments opened on Walnut Street. Last week, the 48-unit Bay City Lofts opened on University Avenue.
“We’ve stressed from the beginning of certainly my tenure, that we need housing that is of high quality, accessible to everybody,” said Genrich. “That includes people of low income and people who are at the higher end, the luxury level.”
A 2020 housing study showed 140 to 310 new rental units are needed each year in the area through 2040.
Comments