By Heather Graves
Editor
GREEN BAY – The former Schauer & Schumacher building, located at 109 N. Adams St. in downtown Green Bay, which has stood vacant for nearly 20 years, could soon be given new life.
Green Bay’s Redevelopment Authority (RDA) approved a six-month planning option to The Really Good Idea Co, LLC at a special meeting Thursday, March 24, for the redevelopment of the historic building.
Originally built in the 1930s, the structure has three floors, each with approximately 15-foot high ceilings and has been vacant since 2002.
Ronda Bitney, real estate specialist for the City of Green Bay, said the RDA acquired the project in 2013.
Bitney said the project would be broken into three phases to include first-floor retail and office space, second- and third-floor family-sized residential units, a rooftop terrace and below-ground, mixed-use space.
“Their kickoff will begin with the front area of the building, trying to replace the deterioration of the limestone and refurbishing the original windows,” Bitney said.
She said the developer is offering to purchase the two parcels for $1 per parcel.
“Restoration has been estimated at $230/square foot for an overall estimate of $2.9 million,” Bitney said.
Of the two developers – Justin Seidl and Joseph Zeitler– that are part of this proposal, Bitney said each one is planning to occupy the property.
“So, (Justin’s) family, they have some children, so they’re going to occupy the top level,” she said. “And then Joe and his wife are going to occupy the second with another tenant in that second unit on the second floor, and then the ramp-up with creating a rooftop terrace and creating additional space and the lower level area.”
Zeitler said he and Seidel are ready to put their fingerprints on the development happening in downtown Green Bay.
“Between me and Justin Seidel, we both operated businesses in downtown Green Bay for several years now,” he said. “And my wife and I have lived downtown for about six years now. And we’re passionate about the development that’s been happening downtown… Currently, we occupy our businesses in the Bellin Building, so it’d be a pretty easy move for our two businesses. So we have two businesses that have employees in place that would occupy the office space, as well as some soft commitments from a few other local businesses that would occupy the retail space, as well as some more office space. But yeah, in a nutshell, we’re passionate about the area. And that building is absolutely gorgeous.”
Bitney said the developer is actively seeking financing from preferred lenders and private investment, and the project will adhere to both federal and state Historic Building Rehabilitation Guidelines in order to qualify for historic tax credits.
She said the developer is also requesting potential tax increment district financing.
RDA member Kathy Hinkfuss said from her perspective, “this is an exciting project… just to see the owner-occupancy and building out that building.”
“I think it does a lot for the city,” she said.
The RDA unanimously approved the six-month planning option with an update at three months.