Proposed Wangard Partners development. Image courtesy: City of Wausau
WAUSAU, WI (WSAU) — Members of the Wausau City Council have instructed city staff to continue negotiations with Wangard Partners for a new 143-unit, two-building apartment complex along the Wisconsin River.
Development Director Randy Fifrick says the project would bring much-needed housing and tax value to the area, filling the long-term vision of residential and recreational space along the river. “The city has made a great investment in the riverfront over time. At some point, we need to generate some revenue from that to pay back debt and costs [that came from] purchasing that property.”
The Milwaukee-based developer has committed to conducting environmental cleanup on the site. Fifrick says the city will help them apply for grant assistance, but it will be up to Wangard to ensure the ground is ready for construction, which has been an ongoing issue as developers work in the area. “Our soils just aren’t very stable along there. There have been a lot of things buried in that ground over time, so part of the project will require them to put some pilings in, some foundation in to support their project,” said Fifrick.
Wangard will also be responsible for maintaining the soil management standards for the area, which used to house the Hammerblow Corporation.
Members of the Economic Development and Finance Committee discussed the term sheet in closed session on Tuesday. Fifrick says the proposal is on track for a final vote of the Council in July, with construction getting underway later this summer.
Fifrick also provided a brief update on occupancy on two of the city’s recent blockbuster housing developments, the Foundry on 3rd and Westside Commons. He says the Foundry is at 50% occupancy, while the Westside Commons is nearly full.
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