Issue link: http://www.insightdigital.biz/i/468967
12 I N D E V E L O P M E N T 2 0 1 5 T he historic Hotel Northland was the "grand dame" of Green Bay hotels for more than 50 years before being converted to senior apartments in the late 1970s. Frantz Community Investors, based in Cedar Rapids, Iowa, outbid two other developers for the chance to transform the eight-story, 1924 property, back into a luxury hotel. In mid-February they received conditional approval from the National Park Service for $15 million in state and federal historic tax credits. The project is also being made possible with $2.5 million in tax-increment financing from the city of Green Bay, a $500,000 Community Development Investment Grant from the state, bank financing, developer equity and New Market Tax Credits. Frantz Community Investors expected to start construction by March. Hotel Northland will re-emerge this year as a full- service, 160-room boutique hotel. Designed by architect Herbert W. Tullgren and listed on the U.S. National Register of Historic Places, it will capture the spirit of historic ambiance while delivering modern amenities, with restaurants, a pub, meeting and wedding space and a club membership. Two floors of guest rooms and public spaces are expected to open this fall, the rest in phases. The hotel will employ 150 to 160 people. HOTEL NORTHLAND Green Bay Projected cost: $44 million Projected completion date: Fall 2017 Steve E. Frantz, Asset manager/VP sales and acquisitions Frantz Community Investors Phone: (319) 390-0013 | Mobile: (602) 909-7626 steve@frantz-ci.com thehotelnorthlandgb.com INITIATIVE ONE Green Bay Projected cost: $2.5 million Projected completion date: March 2015 Developer: Fred Johnson I nitiativeOne, a strategic counseling and leadership development resource firm serving everything from Fortune 500 companies to pro sports franchises, is redeveloping an historic building at the corner of Walnut and Adams streets. The firm invested $2.5 million to buy and renovate the property to better serve its expanding Midwest client base. The 6,000-square-foot office utilizes a 130-year-old façade from the former Sherman House, once located in downtown Appleton, and 3,500 square feet is available for retail or office. CEO Fred Johnson says the firm will create 15 new jobs. Contact: www.initiative-one.com WHITNEY PARK TOWNHOMES This project in the Olde Main Street District features three- bedroom, affordable single-family homes with a two-stall attached garage and a "Chicago Style" roof patio. The first six units are occupied and four more will complete the block with construction beginning this spring. Contact Garritt Bader at (813) 500-0296 or email gb@gb-re.com. whitneypark.com Historic Hotel Northland