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.