You could see a 62-room hotel on the corner of Egg Harbor Road and North 12th Avenue by the end of 2024.  The Sturgeon Bay Finance/Purchasing & Building met Tuesday and approved a recommendation for a development agreement with the new Cobblestone Hotel & Suites, pending approval by the City Attorney.  Committee Chair Helen Bacon says the project would be built in the newly developed Tax Incremental District (TID) #6, which includes the former Pamida/Sav-a-Buck properties vacated by Palmer Johnson Yachts several years ago.  She says that the Cobblestone Hotel chain had initially approached the City of Sturgeon Bay back in 2017 and has worked well in smaller cities around the country.

According to the Finance Agenda Packet, the properties are currently owned by 1023 Egg Harbor Rd, LLC, which Scott Virlee and Steve Estes represent.   If the project goes through, a $6 million guaranteed property value assessment would be realized.  The project would generate far more revenue than needed to pay for the agreed-upon amount of 1.2 Million in Tax Incremental Financing (TIF) incentives the City would pay out.  The development agreement recommendation will go before the Common Council for final approval later this month.