The plan to replace the Green Bay Correctional Institute with residential and business communities will generate over 1,000 jobs.
Professors at St. Norbert College spent the last two months studying the economic impact of replacing the prison in Allouez.
The prison has been around for 120 years and needs renovations or else it will not meet certain building security requirements. Those renovations are estimated to cost around $100 million.
Officials from Allouez want to replace the prison with new apartments, restaurants and office buildings. Jim Rafter, the president of the village of Allouez, says replacing the prison will benefit the community.
"Young professionals are excited. An 80-year-old gentleman who has been a part of the village for years came up to me and said, ‘Don’t stop, bring it to reality’. So, think people are going to like it," Rafter said.
Since the prison is state run, lawmakers in Madison will have to make the decision on what to do with the land.