GREEN BAY – An Iowa development group could be the first to use a 2017 federal tax incentive to redevelop property in Green Bay.Merge Urban Development Group, of Cedar Rapids, has secured a six-month planning option a vacant, narrow strip of city-owned land at 321 and 325 N. Broadway. Work would likely start in 2020.
The $5 million project would capitalize on the property’s inclusion in one of four Opportunity Zones in the Green Bay area. The zones are focused on low-income and rural Census tracts in which developers can avoid paying taxes on profits from other deals by investing the money in an opportunity zone development.
An Iowa firm wants to redevelop the vacant, grassy lot at 321-325 N. Broadway into a mixed-use building. The lot is located between Creative Business Services and Three Three Five.Then-Gov. Scott Walker secured Opportunity Zone designations for 120 Census tracts in 44 Wisconsin counties when the program was rolled out in 2017 and 2018. Most of the village of Ashwaubenon east of Interstate 4.
Green Bay Economic Development Director Kevin Vonck told the city’s Redevelopment Authority on Tuesday that Merge’s proposal will likely be the “First of many here.” He said city staff plan to host a workshop about the Opportunity Zone program soon. Merge owner Brent Dahlstrom said the North Broadway project would be designed to mesh with surrounding buildings.