Developer could buy, rehab Monroe Plaza senior affordable housing for up to $27.5 million

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A developer interested in buying and rehabbing Monroe Plaza Apartments, the 1970s-era affordable housing complex for seniors at 400 N. Monroe Ave., is looking to the Green Bay Housing Authority for the funds to pursue its project.
The housing authority on June 19 will consider a request by Monroe Plaza Housing I LLC, whose principal office is based in Manhattan Beach, California, to access up to $27.5 million in revenue bonds to cover the cost of acquiring and rehabilitating the 197-unit apartment complex.
Here's what to know.
The official request is for the housing authority to give the developer up to $27.5 million in "tax-exempt conduit revenue bonds."
Simply put, the housing authority has the power to raise money by issuing bonds, and gives the raised money to businesses or nonprofits to finance their affordable housing projects. For the private entities, they get lower interest rates this way than by taking out a traditional loan to fund the project. For the housing authority, the arrangement provides affordable housing for the community without the financial burden.
The housing authority currently has three such agreements, according to the housing authority agenda: two with University Village Housing from 2020 and 2023 to build the University of Wisconsin-Green Bay's latest residence hall, as well as one with Gateway Collective in 2024 to construct workforce housing downtown.
Combined, the housing authority takes in over $55,000 per year in bond fees from these agreements.
Should the latest bond request be approved for the full $27.5 million, it would give the housing authority up to an additional $27,500 every year, the agenda noted.
The project "will provide much-needed affordable housing for seniors," according to the housing authority agenda, and the developer is "committed to renovating and preserving affordable housing to the highest standards."
The developer has already completed over 45 similar projects to buy and rehab affordable housing properties across the country, the agenda noted.
The developer reached out several months ago with the request, according to Cheryl Renier-Wigg, the housing authority's executive director. However, no details were immediately available on the specific rehabilitation plans, if residents would need to move, if there would be a new property manager, or on the current condition of the building.
"The (housing authority) meeting on Thursday will be our first opportunity to review the project and ask some of these same questions (of the developer)," Renier-Wigg said.
About 80 people applied by July 5, 1975, to move into the city's first downtown apartments built explicitly for senior citizens, according to a Green Bay Press-Gazette article from the time. Most of them, the article noted, were single women.
Milwaukee-based developer Harold Rosenthal hired Stevens Construction Co. to build the complex to the tune of $3.5 million (or $20.7 million in 2025 dollars) with 20 apartments per floor and 457 square feet of living space in the one-bed, one-bath apartments. It was built with the latest fire protection codes, full carpeting, garbage disposals, and laundry rooms on every even-numbered floor.
Individuals making less than $4,200 qualified for discounted rent between $67.17 and $110.42, which included all utilities except landline phone service. Otherwise, the full monthly rent was $224.
Jesse Lin is a reporter covering the community of Green Bay and its surroundings, as well as politics in northeastern Wisconsin. Contact him at 920-834-4250 or [e-mail].
This article originally appeared on Green Bay Press-Gazette: Green Bay Housing Authority considers senior affordable housing rehab