Sign for the Riverlife Apartment Development in downtown Wausau. (Photo courtesy of WAOW-TV).
WAUSAU, WI (WSAU) — Two mixed-use development proposals have been received for the northern portion of the Riverlife area.
Tuesday evening the Wausau Economic Development Committee heard two presentations regarding proposals received by the City for Riverlife parcels #6, 7, and 8, which are located north of Stinchfield Creek and south of WOW.
The development proposals have been submitted by local developer group Viegut/Ohde/Riveron and Middleton-based developer T.Wall Enterprises. Both proposals include mixed-use buildings with apartment and commercial space but do vary in size and scope.
The proposal from Viegut/Ohde/Riveron is for an $8 million facility with 39 market-rate apartments, a total of 39 underground parking spaces, and a portion of first floor, multi-tenant commercial space on parcels 6 and 7. The group is proposing to purchase the land for $165,000 and is requesting $688,000 in TIF assistance from the city.
Viegut/Ohde/Riveron has developed Riverlife parcels for the City before. The development group took over the Riverlife apartment project when previous developers Mike Frantz and Quantum Ventures racked up more than $2 million in debt to local contractors during initial construction and abandoned the project. That led to legal proceedings that left the project delayed for more than a year.
RELATED: Frantz officially out as Riverlife developer
The Riverlife Apartments were opened in the summer of 2020 and are completely occupied. Viegut/Ohde/Riveron is also working on a Riverlife condo project that plans to begin construction this summer.
The proposal from T. Wall Enterprises is for a $24.9 million project that would include 123 market-rate apartments, 82 underground parking spaces, and roughly 2,300 square feet of first-floor commercial space in each building on all three lots. The development group is proposing to purchase the land for $400,000 and is requesting $2,590,303 in TIF assistance.
No decision was made by the Committee regarding the two proposals as committee members would like to see more details from the developers. Committee members mentioned that it was refreshing to have two strong proposals before them to consider for the area.
In feedback to the developers, Alders mentioned they would like to see more details like renderings of the proposed projects at their next meeting. District 4 Alder and Committee Chair Tom Neal says the City wants to prioritize a proposal that includes the general public in the Riverlife area, not just potential tenants.
“[To] try and create a mix of a place where somebody can live and recreate. But also where the general public can walk through and participate and not feel like they’re trespassing,”.
District 6 Alder Becky McElhaney mentioned that it was important to her residents that they’re able to interact with the riverfront along with the new developments. “It’s not just putting up a place that we have some kind of a building there.
“But that they can interact in that riverfront. Our residents of this city, they pay taxes and that riverfront is precious and they want to be involved in that,”.
The two development proposals for the Riverlife north zone will return to the committee for their April meeting on the 22nd. Both developers have said they plan to bring renderings to the April meeting for the Committee.
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