FOR IMMEDIATE RELEASE
500 N. Broadway Block to be Re-Developed
Green Bay – April 26, 2022 – Barsan Corporation is proposing re-development of the 500 N. Broadway block in Green Bay. Throughout the year of 2021, Barsan Corporation has developed a masterplan for the north Broadway corridor. As of April 2022, Barsan Corporation has obtained majority control of the properties located on the 500 N. Broadway block. Remaining properties include a city owned parcel, and a duplex. Barsan Corporation is asking the city to help acquire said properties. Existing structures on properties will be demolished to make way for a six-story apartment building consisting of 84 market rate units. The building may have underground parking along with ground level parking and 14,800 square feet of retail. Total project cost may be around $26,090,000. The unit mix includes 1 bedrooms, 2 bedrooms and 3-bedrooms. Some amenities are a green roof, bike room and private terrace. Additional amenities will be included from surrounding properties.
Economic Development Incentives
The owner (519 LLC) will guarantee approximately $370,000 retail tenant incentive if grocery store, or $296,000 for other qualified retail tenants. Based on total retail square footage of 519 proposed project.
“These projects we are proposing will represent the entry to the Broadway corridor.” – Barsan Corporation President, Filip Barsan
RDA presentations were February 8th, 2022. Since then, the developer, along with city staff, have been discussing conditions of the term sheet. Construction may start late summer 2024 and is expected to be completed Spring 2026. If remediation of contaminated soils on site is completed quicker than projected, then construction may commence sooner.
Commercial leasing rates start at $16 per square foot. Pre-leasing for this project starts May 2nd, 2022. For information regarding leasing, please contact Barsan Property Management LLC at 877-912-3451 or email@example.com. Commercial listing agent will be announced May 3rd, 2022.
A lender is yet to be announced for this project. Barsan Construction may be the general contractor for this project. Engberg Anderson of Milwaukee is the lead architect.
About Barsan Corporation
Barsan Corporation was founded in 2019 and operates within the United States. The company provides real estate related services to family office enterprises and affiliates.
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