GREEN BAY (NBC26) — A vacant parking lot covering an entire city block in downtown Green Bay is set to be transformed into a $32.4 million mixed-use development featuring 168 residential units and commercial space.
Green Bay's city council this week approved the plan for the two-and-a-half acre property off the 200 block of North Monroe Street. Developer Three Sixty Real Estate Solutions will lead the three-phase project, which has been years in the making.
"It has been a very, very long journey," Alder Alyssa Proffitt noted. She thanked city staff for their persistence in transforming the site.
The lot has sat empty since the city acquired it in 2018, and community members have long called for housing to be built there.
"Housing has been the number one thing that people have suggested, with, you know, another use," stated Proffitt, who added that she's gotten questions from neighbors about the property since her first term on city council.
As part of the development agreement approved by city council, Green Bay will provide Three Sixty with the parking lot site for $1.2 million.
"To be able to get a use out of it is certainly going to be a positive financial impact to the city," Proffitt said.
Watch the full story by Jessica Goska here:
Deputy Development Director Matthew Buchanan said that like many communities across the country, the need for new housing in Green Bay is urgent.
"We are at a major deficit of housing units in our community," said Buchanan.
The development is designed to address that need for middle income families.
"It's really geared toward workforce, affordable, market-rate housing," said Jeremy Novak, Vice President of Development at Three Sixty Real Estate Solutions.
Phase one will include site remediation and the construction of 80 rental apartments on the northwest corner of the lot, at a cost of at least $13.6 million.
Phase two will add a 60-unit apartment building with commercial space on the ground floor, at an estimated cost of $13.5 million.
Phase three will bring 28 townhomes to the site, at a cost of about $5.3 million.
In total, construction cost across all three phases will amount to about $32.4 million.
Work on phase one is expected to begin later this year, with the entire development projected to be complete by 2031.
