Financing package comes together to bring affordable apartments coming to downtown Green Bay

Jeff Bollier | Green Bay Press-Gazette

Show Caption Hide Caption Broadway Lofts An Indianapolis-based company wants to build 93 apartments and 14 townhouses on the north end of the Rail Yard, the former Larsen Canning Co. property. The Broadway Lofts would set aside 85 percent of units for income-qualified tenants. The project would tap low-income housing tax credits to fund the bulk of the $17.6 million price tag.

GREEN BAY – An Indianapolis developer plans to open 107 affordable housing units in downtown Green Bay by summer 2020.

TWG Development Inc. was awarded state and federal tax credits this month that represent the bulk of funding needed to build the $19 million Broadway Lofts project at the north end of the Rail Yard district.

The Wisconsin Housing and Economic Development Authority last week awarded TWG Development $4.5 million in low-income housing tax credits over the next six years to match $7.6 million in federal tax credits the company was awarded over the next 10 years. Each award equates to $764,000 in state and federal tax credits annually.

Jonathan Ehlke, TWG's development director, said the sale of the tax credits should generate more than $10 million for construction of Broadway Lofts, the four-story, 93-unit affordable housing complex just south of the New Community Shelter. An estimated $6.4 million in bank financing and $780,000 in local funds from the Green Bay and Brown County housing authorities, and the Green Bay Redevelopment Authority round out the project's finances.

The project will focus on affordable housing, a segment that largely has been ignored in downtown Green Bay's current housing boom.

Ehlke noted there are no affordable housing units available within several miles of downtown and almost all housing units downtown are occupied.

"If you’re a worker, a barista or wait tables in a restaurant, you have to get housing outside the city of Green Bay," Ehlke said. "This project will serve the neighborhood, will help people save money and spend more on food and other essentials. We’re very excited to provide that."

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Broadway Lofts would set aside 85 percent of units for individuals making less than $24,500 and families earning less than $37,800. Eight units would be set aside for graduates of NEW Community Shelter’s transitional housing program. The remaining units would rent at market rates.

Rent for a one-bedroom apartment would range from $285 to $823 per month, the two-bedroom units would rent for between $660 and $1,120 per month and the three-bedroom townhouses that will be built to the east of the main building would cost $763 per month.

The Broadway Lofts project would occupy the northern end of the Rail Yard district on land owned by DDL Holdings, a partnership between Base Companies and Titletown Brewing Co. DDL Holdings has spearheaded renovations of the former Larsen Canning Co. buildings along North Broadway.

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Paul Belschner, of Base Companies, commended TWG for moving the project forward and pushing for tax credits. Belschner said he's confident the project will enhance the overall vision for Base Companies' development of the former Larsen Canning Co. grounds.

"We have vetted TWG and feel they will be a valuable, long-term partner in achieving a desirable Rail Yard innovation district for our entire community," Belschner said.

Under the terms of the tax credit awards, TWG will own and operate the building for a minimum of 15 years. All income-based rents would be in effect for at least 15 years, as well.

Ehlke said TWG, based in Indianapolis, now has properties in 13 states.

He said Broadway Lofts construction will likely start in spring 2019 and will not be completed for 16 months. He said the soonest tenants could start moving in would be mid-2020.

"We’re very grateful for the opportunity and excited by the support from both housing authorities, the city and the land owner (DDL Holdings)," Ehlke said. "We’re excited to bring Broadway Lofts to fruition."