GREEN BAY - A downtown makeover continues in Green Bay with a high-end housing project holding its ceremonial kickoff.
The Metreau Apartments will be located at the corner of Washington and Walnut Streets. The site is currently a parking lot for Nicolet Bank.
Developers of the Metreau Apartments say the ground they are digging is for something Green Bay's downtown is lacking.
“From everybody I've talked to, it seems like there is a need to have high end and not everything is going to be high end. There is going to be studios and one bedroom and two bedrooms,” said Max Dermond of Dermond Property Investments.
Milwaukee's Dermond Property Investments is behind the $17.6 million project. The eight-story building will have 107 units, with first floor retail, and underground parking.
Green Bay Mayor Jim Schmitt says it will be the finest housing in Brown County.
“It's just go the finest amenities and some terrific views, a lot of glass and that's what Dermond is saying and we support that,” said Schmitt.
While major construction on Metreau will begin in a few weeks, work is already underway on the opposite end of the City Deck. That's where the 84-unit CityDeck Landing will be.
“It's really a combination of empty nesters and young professionals who want quality housing and want to live in a downtown setting,” said Jeff Mirkes of Downtown Green Bay, Inc. “We're very confident there is a strong market for this type of product.”
Across the street from the Metreau project, there is a wait list for apartments at Riverside Place. The thing is the 130 units there are being transitioned to condos for purchase.
“He has about 20 names on his waiting list,” said Mirkes. “They get calls on a daily basis, people looking for apartments in downtown Green Bay.”
Mirkes says Riverside Place has sold about 90 condos.
Between the Metreau and CityDeck Landing projects, about 200 apartment units are expected to be available by about next summer.
Metreau will have 10 penthouse units. City leaders say rent for those units could be about $2,000 a month.