WAUSAU, WI (WSAU) — The Wausau City Council got an update on the progress of the Foundry on 3rd development on Tuesday.
Nick Patterson with T-Wall Enterprises doubled down on his company’s commitment to the project, saying they continue to work through uncertain economic conditions and rising interest rates. “This is a step-by-step process and there are economic factors,” said Patterson. “When we started this interest rates were at 4%, now they are at close to 8%. We have to adapt to those economic factors while working through our legal process.
“We are fully on board and we are 95% to the finish line. I appreciate your patience, we are going to get there,” added Patterson
Patterson says he and the rest of the staff will soon apply for the building permit for the site, and they still plan to break ground by the spring of 2024.
Tuesday’s update came one month after Wausau Opportunity Zone announced that construction on the site would be delayed
The discussion became heated at times including at the start of the meeting when Alder Doug Diny attempted to add an item to the agenda regarding the project. That action was shot down by Mayor Katie Rosenberg after she consulted with City Attorney Ann Jacobson. Alder Lou Larson also told the developers he doesn’t have much confidence in the project given a lack of progress on another project located near his district, which Chuck Ghidorzi of WOZ disputed.
Rendering of the proposed Foundry on 3rd development in Wausau. Image courtesy: City of Wausau
The $44 million project will be located between Jefferson and 3rd Streets and calls for 500 apartment units and first-floor retail and restaurant space. There will also be some green space.
The Foundry is the first of two proposed developments in the area. There is no timeline for when the second building will go up.
Randy Fifrick, Wausau’s Economic Development Manager, says he expects to bring an amended development agreement to the Economic Development Committee in August.
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