80-unit building detailed for former Agrilink site

By Paul Srubas
Green Bay Press Gazette, January, 2007

Details emerged Tuesday night for a proposed project involving the former Agrilink property on North Broadway.

Under questioning from the Green Bay City Council, Mike Ash, development manager for Gorman & Co., described the proposed Larsen Enterprise Lofts, consisting of nearly 80 residential units.

The project — to be done jointly by Gorman and RGH Holdings Ltd. of Oneida — is a $12 million, mixed-use development. It would require about $8 million in tax credits from Wisconsin Housing and Economic Development Authority and the National Park Service’s historic preservation program, Ash said.

The proposal is to remodel buildings and construct a four-story addition. On Broadway Inc. plans to use the first floor for retail, office and art space, but the upper floors would mostly be for one-, two- and three-bedroom apartments, Ash said.

Developers also plan a fitness center and other amenities, he said. Some underground parking would be available, but much of it also likely would be surface parking.

They also plan historic architectural treatment, both as an attraction to renters and to qualify for preservation tax credits, he said.

One-bedroom apartments likely will rent for $529 to $759; two-bedroom units would be $629 to $859; and three-bedrooms would go for $710 to $985, he said.

Alderman Guy Zima suggested those rental rates may guarantee the building would remain vacant, but Alderman Tom Weber argued that it could be targeted to a higher-end market niche. Ash said his company’s market research indicated promise.

The Council eventually gave unanimous approval to the proposal’s term sheet, which allows the company to compete for those WHEDA tax credits. If successful in winning those credits, developers will return to the Council with more information on the proposal, Ash said.

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