West Side Battery in Wausau. MWC photo by Mike Leischner.
WAUSAU, WI (WSAU) — The company planning new affordable apartments and townhome units at the former Wausau West Side Battery location is putting the project on hold after a setback in financing.
Economic Development Director Liz Brodek says Gorman and Company did not secure some tax credits from the Wisconsin Housing and Economic Development Authority, leaving them with a gap in financing. She says in the meantime they’ll hold out starting the project while they try again.
“What they’ll do this year is submit for two different kinds of tax credits,” said Brodek. “They were unable to do that last year because of the timing of the RFP, and they had other projects that were lined up for tax credits. That is the plan as we know it right now.”
The proposal had called for construction to begin in 2023 with units ready for occupancy by mid-2024. Plans call for up to 50 apartments and townhome-style units with rent rates ranging from $375 a month to close to $1,000 a month.
Brodek also confirmed that the credits they were looking for involved the operations of the complex, which would help them rent to tenants at a below-market rate.
Members of the committee agreed that putting the project on hold would be appropriate. Alder Lisa Rasmussen called it an important and needed development for downtown.
“It’s absolutely a project worth waiting for,” said Rasmussen.
No action was taken by the committee as part of Tuesday’s meeting, and Brodek did not offer an updated construction timeline for the complex. Representatives from Gorman and Company were not in attendance.
Comments