GREEN BAY (WLUK) – Three major housing projects could be under construction at the same time within a few blocks of each other in downtown Green Bay within the next few years.

Green Bay’s Redevelopment Authority gave initial approval to two new development deals Thursday afternoon.

The first of these projects is a six-story apartment project planned for Cherry Street, where the former Bosses’ News & Tobacco currently stands.

The other project involves redeveloping the top five floors of the US Bank building on Pine Street.

“The aim of the development is to create very luxury apartments available for rent,” said Tim Besaw, one of the project developers.

These projects are in addition to New Land Enterprises’ NOVA in Milwaukee. eight-storey luxury apartment project Construction is scheduled to begin in December on the parking lot at the northwest corner of Cherry and Adams Streets.

The former Bosse’s News and Tobacco store will be demolished to make way for a six-story, 71-unit apartment building.

This project was actually proposed as 57 units two years ago. It has stalled due to rising construction costs, but the increase in units is planned to make it more financially viable.

55 apartments are planned between the third and seventh floors of the US Bank building. According to Besaw, these floors were offices but had been vacant for nine years.

Between these two new projects, there are a total of 126 apartments that will be market-rate rents.

Complete NOVA and adjacent affordable apartments, City Center Loftsand you have 466 new housing units in downtown Green Bay.

“Years ago we felt like 200 residential units needed to be under permanent construction downtown,” said Jeff Mirkes, general manager of Downtown Green Bay, Inc. “Now that seems true. We need more of that in the long run.”

The city could provide up to $3.2 million for the Cherry Street apartments, a project that should bring in property values ​​of at least $9.5 million.

Up to 4.1 million dollars will be provided for the US Bank building project, whose real estate value is expected to be 9.6 million dollars.

Although the majority of future units will have higher rents, Mayor Eric Genrich points out that there is new affordable housing as well.

43 units in September City East Apartments opened on Walnut Street. 48 units last week Bay City Lofts opened on University Boulevard.

“From the beginning of my term, we have emphatically emphasized that we need high-quality, accessible housing for everyone,” Genrich said. “This includes low-income people and people at the luxury end at the higher end.”

A 2020 housing study showed that 140 to 310 new rental units are needed in the region each year by 2040.