WAUSAU, WI (WSAU) — Wausau Mayor Katie Rosenberg is excited about the prospects of a new mixed-use retail and housing development in the Riverlife area.
“It was really exciting to see what people had envisioned for that space,” said Rosenberg. “I think working with [SC] Swiderski is going to be fabulous, I’m really excited.”
The Mosinee-based developer has several projects located in the Wausau area and had been interested in the site for years, dating back to the very first proposal, which went to Frantz and company before the city had to take legal action because the project stalled and local contractors weren’t getting paid. That ultimately went to a local group as well.
RELATED: Wausau Economic Development Committee Selects SC Swiderski for Riverlife Development
The economic development committee selected SC Swiderski’s proposal over another one from a group located in the Milwaukee area. The competing proposal requested nearly 50% city participation, which some on the committee felt was difficult to swallow. Rosenberg said in working with financial consultants the city is finding that the going rate seems to be about 20%, meaning Swiderski’s ask of around 15% seems reasonable.
“We feel good about that ask. Everything we’re hearing says people are asking for 20% TIF, and that’s hard for me because I’m still in the old-timy mindset of about 10% or less, but I guess that’s not the direction things are going,” said Rosenberg.
All told the project will run about $45 million, with SCS asking for about $6.75 million from the city. The proposal now goes to the full council for approval during Wednesday’s meeting, should it pass the city will then begin drafting the formal development agreement.
Alder Tom Kilian was the lone no vote in the 3-1 decision by the Economic Development Committee last week.
The project timeline currently calls for SC Swiderski to take over the land by the middle of next year. Completion is currently scheduled for the middle of 2026.
City leaders will not meet at their usual time on Tuesday due to the Primary Election.
Other topics Rosenberg discussed with WSAU’s Mike Leischner include:
Start of video- SC Swiderski Riverlife proposal
9:00- Election reminders
12:30- PFAS update
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