30 Oct, 2019

Indiana developer proposed $21 million project on Broadway

TWG Development has submitted plans to the city for a five-story, 225-unit apartment building on the northeast corner of North Broadway and Kellogg Street.

A rendering of a 225-unit apartment building proposed for the northeast corner of Broadway and Kellogg Street. (Photo: Courtesy of Green Bay Redevelopment Authority)

GREEN BAY – A group already building one apartment building on North Broadway has proposed a second project with an anticipated value of  $21 million.

Indiana-based TWG Development has submitted plans to the city for a five-story, 225-unit apartment building on the northeast corner of North Broadway and Kellogg Street.

The building would consist of studio, one- and two-bedroom apartments, a rooftop deck, and 7,000 square feet of retail space facing North Broadway. One end of the building would face Broadway, but most of it would stretch east along Kellogg Street and north on an extension of Donald Driver Way that is now under construction.

It would be located just south of The Broadway Lofts, a 107-unit apartment and  townhouse development that is TWG’s first project in the Green Bay area.

Michael Taft, a development analyst with TWG, said the company’s interest in a second project was spurred by “a huge demand for housing in downtown Green Bay.”

“Our goal is always to provide quality spaces to live in great places to live and Green Bay’s organic demand paired with a really collaborative civic culture makes development pretty attractive,” Taft said.

Kevin Vonck, the city’s director of economic development, said TWG’s second building would aim for rents somewhere between the affordable-housing market of TWG’s first project and market-rate apartments that can start around $1,000 per month for a one-bedroom unit in Green Bay. He said renters in that part of the housing market can slip through the cracks sometimes.

“If you’re low or moderate income, there’s housing products targeted toward you, but some market-rate units require you to make twice the median income to afford them,” Vonck said. “If you work downtown you should be able to find a place to live downtown. This adds to the choices available and we’re committed to bringing more online.”

Taft said the building tentatively will have 37 studio apartments, 108 one bedroom and 80 two bedroom units. He said 23 units, about 10 percent of all units, would be set aside for area residents making 60 percent or less of the county’s median income.

Green Bay’s Redevelopment Authority is expected to review a development agreement  at 1 p.m. Tuesday in City Hall.

The apartment project would turn a property currently worth $1.5 million into one worth $21 million that would generate $491,000 in property taxes each year.

The development agreement requires TWG to spend $30 million on the project, submit a concept plan to the RDA by June 30,  and start work by Aug. 30. The building must be completed by Aug. 30, 2022.

The project would require $2.1 million in upfront public assistance through an existing tax incremental financing district, or TIF. In addition, once the building is completed, TWG would get 60 percent of any TIF revenues left after paying off the upfront assistance. DDL Holdings LLC, the company overseeing development of the Rail Yard, would get 20 percent, too. The city would keep the last 20 percent of excess TIF revenues. That arrangement would continue until the district is retired in 2033

TIF districts enable municipalities to borrow money for infrastructure improvements and project grants, then pay off those costs with new tax revenue generated by the project.

Contact Jeff Bollier at (920) 431-8387 or jbollier@gannett.com. Follow him on Twitter at @GBstreetwise

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