Wausau Economic Development Committee. MWC photo by Mike Leischner
WAUSAU, WI (WSAU) — After three amendments and months without action, the Wausau Economic Development committee has voted to cancel a development agreement for condos in the Riverlife area.
“It’s been an ongoing process, and we have been excited about the potential of the project,” said Economic Development Manager Randy Fifrick. “Unfortunately, we’ve been waiting for them to hit their deadlines and they weren’t able to.”
That included a deadline of November 1st for the group to close the sale of the land, which was missed. The city served the group notice of default the next day which came with a 30-day cure period. That expired last week.
The original agreement had called for the building to be up and occupied by this summer. It was amended three times with the most recent version pushing completion to the summer of 2024. Additionally, the developers changed the size and scope of the project several times. Including the removal of an outdoor amphitheater which some on the city council said made the project even more desirable.
Fifrick said he doesn’t have a specific reason why the developers couldn’t meet the deadlines but did note that there hasn’t been much communication between the group and the city in recent months. “We had been trying to work with them along the way. These were deadlines that they had given us. Unfortunately, they weren’t able to be met.”
RELATED: Economic Development Committee Approves Third Amendment for Riverlife Condos
RELATED: Wausau Economic Development Committee OKs RiverLife Condos Change, Liquor Distribution Center Plans
Alder Lisa Rasmussen said she doesn’t think the setback will hurt the city because there are projects already underway in the area, including an apartment complex that was completed in April 2021. “It’s not critical that we accept anything that comes down the pipe or that we take the low-hanging fruit from our development community. That’s not who we are, and it’s certainly not who we need to be. The area is highly sought after, and we have options.”
That apartment complex was completed by the same development group (Viegut, Ohde, and Riveron- collectively known as Wausau RiverLife LLC). Mosinee-based SC Swiderski is also developing another apartment complex in the area.
Fifrick also says he also doesn’t see a need to rush into a new project but does expect that they will issue an RFP for the site early next year.
Tuesday’s vote was unanimous and came after about 45 minutes of closed-session discussion. The termination requires approval from the City Council, which is expected to come next week.
Comments