This drawing shows the layout for constructing Anchor Pointe Apartments, which would include two, eight-unit apartment buildings with two detached garages on a pair of vacant lots on the east side of North 12th Place in Sturgeon Bay. Submitted.
Plans for two eight-unit apartment buildings and two detached garages on vacant lots on North 12th Place in Sturgeon Bay, behind Apple Valley Lanes and the Cherry Point Mall, now have a new developer.
F & M Home Innovation Partners originally planned to develop the Anchor Point Apartments with PortSide Builders, but PortSide informed the city it is now partnering with Greg Frankov of GNF 12th Place after F & M was unable to secure financing.
F & M Home Innovation Partners still plans to develop the Heron Crossing subdivision on the city’s east side in Tax Incremental District (TID #6), the same TID where Anchor Pointe Apartments is planned.
Community Developer Director Rebecca Kerwin said the revised proposal for the apartments is largely unchanged, though it is no longer tied to the Heron Crossing project. Frankov requested city incentives to make the project financially feasible while maintaining fair-market rents.
The city’s Finance/Purchasing and Building Committee recommended on Feb. 10 a pay-as-you-go incentive, limiting risk by providing no upfront payments. The developer must guarantee a minimum assessed value of $2.4 million by Jan. 1, 2028, and would receive 85% of the tax increment for 10 years.
The city’s financial consultant, R.W. Baird, estimates the project would generate around $241,248 for other TID #6 improvements, such as the Memorial Field Athletic Complex and Egg Harbor Road, before the TID closes in 2043.