Green Bay authority approves development agreement for 95‑unit Grand Boulevard Apartments

The Green Bay Redevelopment Authority on June 17 approved a development agreement with Grand Boulevard Apartments LLC to build 95 rental units on a parcel at the former JBS site, and separately authorized $500,000 in HOME funds to support four units restricted at 60% of county median income.

The agreement covers a 95‑unit multifamily building the developer says will target “the missing middle” — households at roughly 80% to 120% of area median income — and includes a proposal to transfer the parcel to the developer for $1 and provide an upfront loan of $2,500,000 that the authority said would be repaid from tax increment generated by the development. The authority approved the development agreement and a related collateral assignment; council members also approved use of $500,000 in HOME dollars to support four units restricted to 60% of county median income, with a stipulation that those four units include at least two two‑bedroom and two three‑bedroom apartments.

Why this matters: City staff and the developer said the upfront loan is intended to close a financing gap that could not be covered through conventional market‑rate financing and would allow construction to begin sooner. The authority said the project is the…