On Air Now

Listen

Listen Live Now » 101.9 FM Central Wisconsin

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
60° Feels Like: 60°
Wind: W 0 mph Past 24 hrs - Precip: 0.04”
Current Radar for Zip

Tonight

Mostly Clear 56°

Tomorrow

Scattered Thunderstorms 79°

Sat Night

Thunderstorms Early 55°

Alerts

Edgewater Manor sale could pass CDA Thursday & advance to Council

by
The crest of the City of Stevens Point.
The crest of the City of Stevens Point.

STEVENS POINT, WI (WSAU) -  The City of Stevens Point is likely to sell Edgewater Manor Apartments, which is located along the downtown riverfront. The Community Development Authority owns it, and they’ve come to an agreement in principle with Seramur Family Limited Partnership. The Community Development Authority is discussing that Thursday afternoon during its meeting.

Mayor Andrew Halverson says if the deal is approved, Seramur would pay 800-thousand dollars for the site, and would receive city incentives worth 300-thousand dollars allowing the buyer to nearly double the occupancy and make significant upgrades to the 1979 structure. Seramur already has property to the south of Edgewater Manor. Halverson says this would be good for the city and for the residents. It would also put a prime riverfront property on the tax rolls with private ownership.

If the sale to Seramur Family Limited Partnership falls through, Stevens Point is likely to list the property on the real estate market. The estimated 20-thousand dollar per unit cost of renovation totalling nearly 2-million dollars is something the city doesn’t want to budget for.

If the sale is completed, most residents would be able to remain there.

 

Comments