The developer of a proposed multiple family residential project at the Amity Field on 14th Avenue in Sturgeon Bay is asking to be released from an agreement with the city. Premier Real Estate Management says the cost estimate for constructing the townhouse units at the site is much higher than anticipated. With a gap of about $20,000 per unit, the firm referred to as “Pre/3,” feels the project is no longer financially viable. The city was told the development company liked the site, and conditions placed on it by the city were not factors in its decision. It all came down to finances.
According to City Administrator Josh VanLieshout, developers continue to show interest in constructing multi-family structures in the city, including a firm from the Green Bay market that was very interested in the Amity Field. A recommendation for the City Council to consider Tuesday would cancel the current agreement and return a purchase deposit to the developer.