WAUSAU, WI (WSAU) — The Wausau Economic Development Committee has selected Madison-based Commonwealth Development Corporation to build a $16.5 million affordable housing complex on a one-acre parcel along Grand Avenue.
Economic Development Manager Randy Fifrick says the project will bring about 50 units to the area. That may not sound like much given the housing gap in the area, but he says it still fills a need. “We know there is a big gap and this is a part of it,” said Fifrick. “You start adding up 50 units here, 50 units there- it starts to add up.”
He adds this proposal along with the proposed Wet Side Battery site and former Center Mall development are all steps in the right direction. “We need more people living in Wausau. Our companies need more people to work for them. We need more people at our shops, our restaurants, and out for entertainment. We also need to continue to find places for people to live; market rate, affordable, all of it. We need all of it in Wausau.”
The complex, tentatively named 700 Grand Ave Apartments, would feature a mix of 1, 2, and 3-bedroom apartments along with above-ground and underground parking. The developer has also proposed a fitness center, business center, and community room along with a leasing office. If all goes as planned the building could be ready for occupancy by the Summer of 2024.
Fifrick adds that the developer plans to work with local Veteran agencies by setting aside some of the units for Veterans and their families.
Commonwealth is asking for $1.5 million from the city to cover a financing gap. Fifrick says there are several options to cover that including a one-year extension on some of the city’s expiring tax increment districts. State statute does allow for a one-time extension on TIF districts if the generated increment (tax value above the general fund contribution level the neighborhood was frozen at when the district was created) is used for an affordable housing project.
“As we get closer and figure out how the deal will work out- how they need their money [and when] we’ll be able to fit that in so it’s the best for everybody,” added Fifrick.
If the city and Commonwealth get a development agreement signed would be Commonwealth’s first project in Wausau. The group has done some work in Mosinee and also has a proposal for a housing development at the current site of Schofield’s City Hall.
