A couple stills taken today of Larsen Green Phase two, which adjoins Titletown Brewery’s expansion. Expansion on the next phase looks to be beginning just a bit north of phase two, which is shown in the last image in this post. Crews are gutting the building and construction fencing is up.
Phase 2 turned out beautifully with a plethora of windows and I believe full occaupancy (correct me if I’m wrong).
Located at 200 South Washington in Downtown Green Bay. A few shots north and east from the northeast corner of the building looking out. The vacant lot just north of the property is one of the few left undeveloped riverfront lots in downtown along the east side. The chase bank across the street is also a prime redevelopment site, which currently has marketing for sale signs posted on the property. I wouldn’t be surprised if this area begins to be developed over the next few years and this view changes signficantly.
Green Bay city officials released an updated vision for the shipyard development site on South Broadway yesterday evening. The updated site is scaled down version of the original proposal after the Green Bay Bullfrogs pulled out their proposal and decided to build their new stadium in Ashwaubenon.
Six months after the Green Bay Bullfrogs weighed anchor for Ashwaubenon, Green Bay Economic Development Director Kevin Vonck laid out the city’s new vision for the site east of Broadway and north of Mason Street.
“The city’s Redevelopment Authority on Tuesday endorsed the $11 million project and supports the city’s proposal to borrow $2 million this year via a tax incremental financing district to pay for property acquisition and a comprehensive design for the 13-acre site. City officials said the project would not require support from general property taxes if future development attracted to the area by the city’s work can generate $30 million in new property value.”
Items of focus in the park include a “container park” developed from older shipping containers for retail and shops allowing for lower overhead for local small businesses looking to dip their toe into entreprenuership. The site also plans to have 50 feet of river frontage used as an urban sand beach with trail, boat docks, playground and splash pad.
Multi family remains one of the most in demand commercial categories which I’ve heard anecdotally from several commercial brokers in Brown County. Limited listings for stabalized product have pushed prices up and cap rates down. This price push has increased price per unit as investors chase harder to gain returns and has encouraged more Multi-Family construction.
The cyclical nature of the Multi-Family market and pent up demand will encourage developers to continue to build until peak has been met, but when will we meet such a peak?
Jones Lang Lasalle, one of the largest commercial brokerages in the U.S. has pegged most major market indicies as approaching peak in their cycles as shown in the illustration at the top of the article (source).
Although Brown county is typically more conservative in market swings in comparison to larger metros the amount of development online or finished with projects will make a dent in the current inventory levels. Projects such as the Metreau, CityDeck Landing, Manseau Flats, Howard Commons, The Element, and The Bohemian Park are some of the many recently finished or under construction developments adding to current supply levels.
To learn more about multi-family market conditions, listings for sale, and landlord resources, head over to the Green Bay Multi-Family are of the site.
Green Bay Packaging, one of Green Bay’s largest area employers is proposing a massive upgrade to their existing facility in northeast Green Bay, just a stone’s throw from Tower Drive Bridge. The expansion would add hundreds of jobs and increase production capabilities by over 50%. Proposed renderings of the massive facility can be seen below.
A full data sheet along with nicely done website and video explaining the vision can be found at gbpfuture.com
According to their website:
“Green Bay Packaging currently has 1,534 full-time employees in Wisconsin, 1,100 of which are employed in Brown County. The company has paid over $500 million in wages to its Wisconsin employees over the last five years. Those wages are consistently being reinvested into our local communities through taxation, real estate, and leisure.
Green Bay Packaging has added 387 new Wisconsin employees over the last five years, which resulted in a 33.68% growth in the company’s employment within Wisconsin.”
The RDA has released their draft of approved for the Legends District just a couple blocks east of Lambeau field. The district calls for mixed use and refers strongly to the use of “Industrial Chic” design.
The image below shows the boundaries of the district, which has remained mostly as vacant land and parking lots, but does call for the demolition of previously industrial use buildings that are still standing in the district. The biggest and most significant would of course be Saranac, which has prime frontage along Lombardi Ave. and is still operating today.
Several photo examples are given of what would ideally be developed in the district. Industrial chic, mid-rise mixed use style buildings are referenced throughout the report and some of the examples in the report are shown below.
This area has been ripe for development so it’s great to see the city finally creating a formal plan, which will hopefully provide a catalyst for future development, much like the Titletown district on the west end of Lambeau.
I just stumbled on this video taken in the summer of 2016 from the top of the new Titletown Brewery expansion. Great time lapse shot gives a view of the west looking towards the East side of the Fox River downtown Green Bay.