6 years later, Broadway’s newest apartment development opens soon. Inside The Fort
GREEN BAY – It’s taken years longer than anyone wanted, but the views and tenant interest in The Fort at the Rail Yard apartments proves the old maxim “better late than never.”
Initially approved as a market-rate project in 2019, from fall 2020 to fall 2022 The Fort construction site sat idle in the 500 block of North Broadway, a casualty of an investor pulling millions from the $21 million development after work already began. The Fort’s concrete stairwell columns rose out of mounds of untouched dirt in the Rail Yard District while Indiana-based TWG Development sought a funding source to finish the job.
Now, TWG Development’s Jackson Taylor thinks about the views of the Fox River from the five-story building and the community response to The Fort.
More than 25% of The Fort’s 233 units have already been leased, and the company expects the first tenants to move in later in January. There’s a retail space to be filled, too, potentially adding another amenity to what The Fort offers its future residents.
“It’s unbelievably exciting. This project has been a long time coming. Very excited to get it across the finish line,” said Taylor, a senior development director at TWG. “We’ve been blown away by the demand in the area.”
The Fort secured WHEDA housing tax credits that will make 80% of the units affordable to working families
Brian Johnson, executive director of On Broadway and the City Council representative for the Broadway district, said TWG could have just given up or the city could have lost its patience with a long-stalled construction site. But by working with TWG through its challenges, downtown will now add 230 new residences in a region where housing remains in strong demand.
“For us, it was about being patient, wanting to make sure this project had a successful outcome and being as supportive as we could while the new pieces were assembled,” Johnson said.
The solution to The Fort’s funding shortfall proved to be Wisconsin Housing and Economic Development Authority housing tax credits. Developers sell the tax credits and use the money raised to reduce the amount they have to borrow to build a new home or building.
In exchange, the developers and property managers agree to charge lower rents to income-qualified families on a percentage of the units in the property.
At The Fort, 187 apartments, about 80% of the building, is set aside for households that earn less than 60% of the area’s median income.
Here’s your chance to live in the Press Box
The Fort at the Rail Yard may take its name from the historic Fort Howard that used to be located nearby and the surrounding area’s industrial past, but it tapped another longstanding tradition, the Green Bay Packers and football, to name the apartment units.
A two-bed, two-bath apartment floor plan is designated “QB Suite” while a one-bed, one-bath floor plan has been designated the Press Box. There are also Atrium, Blitz, MVP, Tailgate and Tundra floor plans available.
The Fort amenities include in-unit laundry, rooftop patio, fitness center and pet park
New apartment buildings these days are all about the amenities, both in-unit and in-building. Some have attached climbing gyms, views of Lambeau Field and plenty of other add-ons to entice renters, and The Fort is no different.
The building and site amenities include a pet park, pet wash, community lounge with game room, private co-working spaces, bike storage, a fitness studio, elevators and on-site maintenance staff, according to the building’s website. The building allows tenants two dogs or cats for an extra fee.
In-unit amenities include washer, dryer, ceiling fan, USB outlets, garbage disposal, dishwasher, microwave and stainless steel appliances. And some units will get those river or downtown views Taylor mentioned.
“It was really important to us, that it fit well within the community. We wanted to develop a long-term asset that fit with the surrounding area,” Taylor said.
What are the income limits to rent affordable apartments in The Fort?
The Fort includes market-rate apartments anyone can rent and apartments set aside for households with pre-tax earnings less than 60% of the area’s median income. The Fort’s website indicates those income limits are:
- One person: $41,160
- Two people: $47,040
- Three people: $52,920
- Four people: $58,800
- Five people: $63,540
The Fort’s income-qualified units listed as available online have rents of $967 for a one-bedroom, one-bathroom unit and $1,153 for a two-bedroom, two-bathroom unit.
What do the market-rate apartments cost to rent at The Fort?
Among the market-rate units available, prices for a one-bedroom apartment range from $1,475 to $1,650 per month.
Two-bedroom apartments currently available range from $2,100 to $2,150 per month.
Retail space available at Kellogg and Broadway aims to activate intersection
One portion of The Fort that remains available for lease is the first-floor retail space located at North Broadway and Kellogg Street.
Johnson said it was important for the building to bring activity to North Broadway, which can be dominated by the tall, brick former cold storage and canning buildings that have since been converted to offices. The space closest to Broadway will be retail, but additional first-floor space will be used for The Fort’s first-floor community room/fitness center.
“We’ve got a corner that will be really well activated with the right tenant in here,” Johnson said.
Taylor said the company is open to whatever retail or commercial business is interested in the space, but would like to see “another potential tenant amenity” such as a hair salon.
“Ideally, we’d hope it would be symbiotic with the community if the retailer provided some sort of amenity to the tenants. That would be the sweet spot,” Taylor said.
Contact business reporter Jeff Bollier at (920) 431-8387 or jbollier@gannett.com. Follow him on Twitter at @JeffBollier.
This article was originally published by a www.greenbaypressgazette.com . Read the Original article here. .