GREEN BAY, WI (WTAQ-WLUK) — After recently celebrating its grand opening, interest is growing in Green Bay’s newest luxury apartment building.
While many likely can’t afford to live there, the hope is the addition of NOVA will eventually help open up more affordable housing units in the area.
It’s easy to see the eight-story Nova apartment building changed downtown Green Bay’s landscape, but a look inside quickly shows it also has brought a new level of amenities for renters.
“Every time we design a building, it’s with intention,” said Cora Belitz, NOVA’s senior property manager. “We do it so residents don’t feel like they need to leave. Everything they have is right here in the building.”
From the third-floor outdoor pool, to the golf simulator, workout rooms, dog grooming station, and other community spaces, there is plenty to like.
The cost to live in the building from Milwaukee-based developer New Land Enterprises is between $1,295 for a studio to $6,000 for a penthouse.
“Those are the ones that are really sought after actually,” said Belitz. “So, our penthouses are the first ones to go, same with our larger townhouses.”
Two of three penthouses are already rented, along with half of the eight townhomes.
25% of the building’s 269 units are filled, which is ahead of where NOVA officials thought they’d be at this point. The hope is to be close to capacity within 18 months.
Downtown Green Bay Executive Director Jeff Mirkes is optimistic that will happen sooner rather than later.
“Without a doubt we know the appeal for downtown and urban living,” said Mirkes. “Others will backfill some of the other nearby units.”
A recent update to Green Bay’s housing study found “a fairly significant shortage” in rental units for people making more than 80% of the median income.
Studies have shown building higher end units will eventually free up units in lower-income neighborhoods – 70 for every 100 new market rate units within five years, according to the Federal Reserve Bank of Minneapolis.
“They know that a rising tide lifts all ships and that is what this is,” said Mirkes.
A restaurant is also planned for NOVA’s first floor with an announcement expected in the near future, according to Mirkes.
The city sold the empty parking lot NOVA was built on, at the corner of Washington and Cherry Streets, to New Land Enterprises for $1.
The city is also providing a TIF loan of up to $8.5 million that will be repaid through tax revenue the property generates.
