Started, stalled, or soon? Here are 8 updates on Green Bay housing developments
GREEN BAY - Green Bay will add another 250 housing units at rents affordable to working families by spring 2024.
Construction started or will start on another 105 affordable housing units in 2023 as developers continue to try to address the region's need for thousands of housing units working families can afford. To keep up with demand and population growth, the Green Bay area needs to add about 3,700 units that rent for less than $1,000 per-month by 2040, according to a 2020 Green Bay Housing Market Study.
The region also needs thousands more market rate apartments by 2040, too, but rising interest rates and high construction costs have forced developers to revise prior plans to redevelop two downtown Green Bay-area sites.
Housing developers with increasing frequency cite construction costs and interest rates as challenges to proceeding with plans, said Cheryl Renier-Wigg, Green Bay's director of Economic and Community Development.
"We’re looking for ways the city can get involved," Renier-Wigg said.
Here's a look at Green Bay multi-unit housing developments that have recently started, two that have stalled and several set to welcome renters soon.
Started: Three sites to watch on Green Bay's east side
MF Housing Partners, the Brown County United Way and Wisconsin Housing and Economic Development Authority leaders in August broke ground on the 43-unit City East Center development in the 1100 block of East Walnut Street. The project will set aside 36 units for households making 60% or less of the area's median income. The Brown County United Way will use first-floor space in the building for events, staff offices and as a "community house" for nearby neighborhoods. MF Housing expects the project will take about 12 months to complete.
Greater Green Bay Habitat for Humanity over fall adjusted site plans for the $4 million Habitat Homestead development to accommodate stormwater runoff on the site located between Manitowoc Road and Vine Street, west of Bader Street. The changes mean Habitat can only build 13 owner-occupied units on the original site rather than 14. But, Habitat added an adjacent property it owns, 2061 Manitowoc Road, to the Habitat Homestead site to restore the plan to the original, 14 owner-occupied units for households that earn $35,000-$53,000 for an individual or $35,500-$76,400 for a family of four.
After being rejected on the west side, construction has started on the 48-unit Bay City Lofts development on a 1.8-acre site in the 2500 block of University Avenue, east of Rothe Street. Madison-based Gorman & Co.'s $15 million, four-story development will offer rents affordable to households that earn less than 60% of the area's median income, about $30,000 for an individual and $65,000 for a family of four.
Stalled: Market-rate projects try to overcome rising interest rates
Housing developers have struggled to close financing gaps created by high material and labor costs and rising interest rates that make financing the multimillion dollar developments more expensive. The result becomes delayed construction starts, revised plans and searches for additional financing.
The challenges led Milwaukee-based General Capital and Allouez earlier this year to mutually terminate a plan to build 125 apartments on a vacant strip mall site in the 1900 block of South Webster Avenue.
In downtown Green Bay, developer Peter Nugent originally planned to demolish the one-story commercial building at 216-230 Cherry St. and replace it with a six-story building with almost 60 apartments. Now, Nugent said he's looking to add more units in order to lower the average cost per unit and enable him to keep rents lower.
Madison-based developer Ted Matkom said a prior plan to turn the parking lot at 200 N. Monroe Ave. into 172 market-rate apartments with first-floor commercial space is not feasible due to rising costs. He's looking for alternative financing sources and new design options.
Soon: Historic Broadway building and supportive housing near East High complete by end of 2023
GB Real Estate Investments expects on Oct. 27 to welcome the first residential tenants to the six, second-floor apartments created in the 240 North Broadway building, the former home of Mikey's Pub and Bangkok Gardens. Garritt Bader of GB Real Estate purchased the historic property known as the Felix DuChateau Tavern in May 2022. A $2 million renovation created six apartments for households that earn 31%-80% of the area's median income. A Wisconsin Bank and Trust branch is already open in one of the two, first-floor commercial spaces in the building.
Journey to Adult Success (JAS) by early December will complete construction of JAS House, a 12-bedroom development at the corner of East Walnut and Baird streets, diagonally from Green Bay East High School. The $1.2 million project will triple the number of beds JAS can offer young people who are at-risk or who age out of the foster care system. JAS funded the project with donations and continues to accept lightly-used furniture and cash support for the project. The public can stop by JAS House at 3 p.m. Dec. 7 for an open house.
The Fort at the Rail Yard faced a two-year financing delay, but work resumed in late 2022 and remains on track to be completed by summer 2024. Indiana-based TWG converted the market-rate project to affordable housing and will set aside 187 of The Fort's 233 units for residents that earn 60% or less of the county's median income.
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Contact Jeff Bollier at (920) 431-8387 or jbollier@gannett.com. Follow him on Twitter at @JeffBollier.
This article originally appeared on Green Bay Press-Gazette: Started, stalled or soon? 8 updates on Green Bay housing developments
