85-Unit Apartment Complex Proposed
Both Green Bay's mayor and the developer say the need is there. A recent study shows the city is in demand for about 300 apartment units. Video by nbc26.comvideo
GREEN BAY, Wis.--An 85 unit apartment complex could be coming to downtown Green Bay. The developer wants to build it at the old Admiral Flatley Park site on the corner of Washington and Main Street.
Tuesday Green Bay's Redevelopment Authority approved a planning option for it.
Both the mayor and developer say Green Bay is the new hot spot because downtown keeps growing. City leaders did a recent study showing Green Bay is in demand for nearly 300 apartment units.
"Condominiums are very difficult to finance, so it's really good to choose a product like apartments that we can actually execute on and get the project built," Terrence Wall, President of T Wall Enterprises said.
Wall tells us the building would be seven stories high and include 7,000 square feet of retail and business space on the ground level. There would also be two levels for parking and a penthouse on the top floor. Apartments would range anywhere from $550 for a studio to $950 for a two bedroom.
Mayor Jim Schmitt hopes it'll help give downtown a boost.
"Residential housing has been our goal to have 200 new residential housing units over the next three years," Mayor Schmitt said. "When you look at the influx of jobs with Associated Bank, with Schreiber, these people need market rate, high quality rental housing."
The mayor tells us the project would require tax increment financing assistance, so homeowners' tax dollars won't foot the bill.
The project still needs approval from the full council. City leaders want to break ground in August and have the building finished by next summer.