Green Bay mayor says financing for Younkers project secured
Green Bay Mayor Jim Schmitt said today that the final financing for redevelopment of the Younkers department store site on the Fox River has been approved.
Schmitts office issued a press release that said Calumet County Bank received approvals to get the WaterMark project under construction.
Sean Stephenson, the mayors chief of staff, said the city does not know the closing date on the loans or date for start of construction. He said Schmitt is in meetings all afternoon preparing for tonights city council meeting.
The WaterMark development is envisioned to include office and retail space in addition to a parking garage, the Green Bay Children's Museum and Hagemeister Park restaurant on the east bank of the Fox River between Walnut and Main streets. Vetter Denk Architects of Milwaukee is the lead developer and owns the property.
Financing lines up like this: The city is loaning the project $3.5 million at 5.5 percent interest for seven years. Calumet County Bank and its partners will loan $4.5 million. The Wisconsin Housing and Economic Development Authority, or WHEDA, will provide about $2.1 million, using new market tax credits, and Vetter Denk Architects has about $1.7 million in equity.
As Ive said all along, this is the right project for downtown Green Bay. The inclusion of the Childrens Museum, Hagemeister Park, and commercial space is what is needed along our waterfront, Schmitt said in the release. I appreciate the publics patience and support for this project. We want to thank Calumet County Bank for all their efforts and support of this project.
Sean Stephenson, the mayors chief of staff, said the city does not know the closing date on the loans or date for start of construction. He said Schmitt is in meetings all afternoon preparing for tonights city council meeting.
The WaterMark development is envisioned to include office and retail space in addition to a parking garage, the Green Bay Children's Museum and Hagemeister Park restaurant on the east bank of the Fox River between Walnut and Main streets. Vetter Denk Architects of Milwaukee is the lead developer and owns the property.
Financing lines up like this: The city is loaning the project $3.5 million at 5.5 percent interest for seven years. Calumet County Bank and its partners will loan $4.5 million. The Wisconsin Housing and Economic Development Authority, or WHEDA, will provide about $2.1 million, using new market tax credits, and Vetter Denk Architects has about $1.7 million in equity.
As Ive said all along, this is the right project for downtown Green Bay. The inclusion of the Childrens Museum, Hagemeister Park, and commercial space is what is needed along our waterfront, Schmitt said in the release. I appreciate the publics patience and support for this project. We want to thank Calumet County Bank for all their efforts and support of this project.
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