Green Bay Alder proposes city buy East Town Mall property
The 14 acre site is listed for almost $2 million.
GREEN BAY, Wis. (WBAY) - “I’m not looking for the city to own and manage a mall,” said Alderman Brian Johnson.
Instead, he’s much more interested in what’s underneath the building.
“We have a lot of available real estate over here that can be used for new construction, affordable housing, public infrastructure improvements. That’s all very important to city tax payers, but you need land to be able to do that,” said Johnson.
The 14 acre site is listed for almost $2 million, an investment Johnson says, it worth looking into.
“Right now you have a site that’s evaluated at around $3.4 million. By the time you’re done with redevelopment on the site, the city could take off some pieces of it, you could be sitting at a site worth over $15 million.”
Kohl’s, PetCo and Hobby Lobby are not included in the sale of this property, only a portion of the parking lot, nearly empty portions of the building and a piece of property behind the building.
“We have a couple of real high demand needs in our community and affordable housing is one of them, and we have a couple of options available to us through recent affordable housing resolutions that could go towards a project like this,” said Johnson.
The city recently approved extending several tax incremental finance districts, freeing up more than $3 million the city can use over the next couple of years to encourage affordable housing development.
The site could be one of them, but the city’s redevelopment authority will need to discuss first.
“It’s really premature to say that we’re going to buy it, we don’t know yet, but we have to have those critical conversations to know if there is enough value here for us to pursue negotiation,” said Johnson.
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