Case Study #2 1510

1510 Morrow a former glove factory in Green Bay about 17,000 square feet sold about 15 years ago for $10,000.
If you look at it on goggle maps its surrounded by houses. For years it was boarded up and spray painted and vandalized often. They had to mow the parking lot with all the weeds and cracks.

A developer our founder consulted for 2005-2006 had bought 1510 to turn into town homes. It was over 17,000 square feet and had a 2,000 square foot garage. But phase 1 environmental found benzine – moreover the city of Green Bay had the property zoned for single family residential homes. The zoning would need to be changed. MSC or Main Street Commons, and OTC or Old Town Crossing 1263 and 1240 Main respectively were prior factory conversions from developer just blocks away. That developer at the time had city favor and city investment with other conversion(s) on Broadway at that time too.

A public meeting was set to try to change zoning. Local people showed up and said townhomes would increase traffic and should not be allowed. People wanted 1510 to be a park if it was going to change. The developer ended up losing the property.

Without Phase 2 and with contamination and zoning 1510 was unsellable for the bank, that also perished at this time – selling the entire process to a new bank. Over 2 years our broker got the city to pay for the Phase 2 to expedite the blight fix with $20,000 grant money just for that site. The conclusion was soil would have to be caped and or removed to deal with tanning chemicals like benzine.

Our founder was able to set another city meeting with the 4 Corners neighborhood where our broker had to send mailers to a radius around the property for a town meeting setting. Again people wanted a park, a library a police station. You name it. The short story is that our broker was able to form a PUD or planned unit development that would allow 1510 to be used as storage building if lit and the boarded-up windows would be bricked until such time the building sale as aggregate (for concrete) and the lot’s values for single family homes supports the expense of such a redevelopment – the buyer had to agree to the PUD for use as a warehouse.

The most practical use of that glove factory was being a factory. But that was not an option because it was not zoned as such.

That sale ended up $10,000 with a 75% commission paid by the bank that inherited the mortgage. Noting stands in our way.

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