Work Begins on Green Bay's Hotel Northland

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. December 17, 2015

Green Bay, WI - December 17, 2015 - Developers of Hotel Northland have taken the keys to the historic property and are poised to start work this week. The complex closing involving FirstMerit Corporation as the lead bank, the City of Green Bay, Department of Housing and Urban Development (HUD), Wisconsin Housing and Economic Development Authority (WHEDA), FirstPathway Partners and U.S. Bank as the purchaser of the historic tax credits concluded today allowing co-owners Mike Frantz of Frantz Community Investors and Keith P. Harenda of KPH Construction to start restoration.

“It's quite a Christmas gift for us,” said Mike Frantz, “and as everyone knows, we are eager to get underway. While all levels of financing in this complicated transaction have been in place for some time now, inter-creditor agreements were needed to address owner's equity, tax credits, City incentives and various loans from financial institutions and state and federal entities.”

On Wednesday, KPH will begin the project by running water to the building, changing the locks and building a chute for the massive interior demolition work. “This is careful demolition as crews will potentially be revealing historically significant architectural features,” said Harenda, whose company has worked on many restoration projects for the federal government. Within 45 days, KPH will finalize all subcontractor agreements, allowing the developers to announce a completion date. At this time, they are aiming for fall 2016. In the meantime, Hotel Northland is already collecting inquiries for meetings and special events on its website thehotelnorthland.com and four to six months prior to opening, the website will begin taking online room reservations.

“The hard part is over,” said Frantz. “Now the job of restoring this treasure and building the hotel team begins.”

Overview Hotel Northland is a $44 million project including construction, furnishings, pre-opening and development costs. The impact to the City of Green Bay and the State of Wisconsin are significant: § The development will create an estimated 166 direct permanent jobs and 180 full-time construction jobs with average wages of approximately $58,000.

Hotel Northland's ongoing operations are estimated to support 200 indirect and induced jobs. § In the first full year of stabilized operations, Hotel Northland is expected to stimulate more than $25 million of economic impact in the region and annually thereafter. § Once complete, Hotel Northland will annually provide nearly $7.5 million in new taxes.

Frantz Community Investors (FCI) is a Cedar Rapids, IA based company blending real estate development and management with historic preservation. The mission of FCI is to help communities restore and revitalize their downtown and historic neighborhoods. FCI returns historic properties to their previous glory and repurposes them to invigorate the local community and drive economic growth. For more information, visit frantz-ci.com. KPH Construction is a privately owned company providing comprehensive construction, environmental assessment and remediation, construction management and design/build services. Founded in Milwaukee in 1999, KPH operates in the Midwest and New York serving both public and private market sectors including commercial development, healthcare, education, hospitality and state and federal government. KPH specializes in historic restoration. Visit kphconstruction.com.

Contract:
Brigette Breitenbach
414-750-7298 office
414-750-3098 mobile
[email protected]