WAUSAU, WI (WSAU) — The Wausau Economic Development Committee is recommending a local developer for a proposed housing and retail development in the Riverlife area.
After a brief closed-session meeting on Tuesday, the committee voted 3-1 to recommend the $45 million proposal from SC Swiderski
“This will bring about 200 market-rate units to the Wausau area, especially the riverfront,” said Economic Development Director Liz Brodek. “This also brings a lot of parking which is necessary to complement that.”
She says the committee also valued the chance to go with a local developer on the project. “We know they’ve been interested in this site for years, so that’s a really good sign. We love their track record locally, and we know that investing in local developers kind of keeps the money in our community. There are many reasons why we’re excited to be able to partner with them.”
SC Swiderski had been interested in the city’s first Riverlife development several years ago.
Brodek says in addition to the benefits of going with a local developer, the Committee also felt confident in the track record and financing behind the SCS proposal. Of the proposed $45 million price tag, public involvement takes up about 15 percent or about $6.75 million.
“We always look for the best use when we are doing development agreements and looking at plans. This really offers that to the community,” added Brodek.
A Milwaukee-based group also put in a proposal for the site that included three different buildings. One offered a dozen townhome units, the other two a mix of residential and retail uses. Their proposal came in at over $54 million, nearly 49% of which would have come from public funding from tax increment financing and loans. The group also couldn’t say what the price range would be for the rental rates in the proposed buildings.
The SC Swiderski proposal now goes to the full City Council for consideration next week. Should it pass, the city and the developer will begin drawing up a developer’s agreement. The current timeline calls for the developer to take over the land in the fall of 2023, with completion and occupancy by July of 2026.
