Rendering of proposed development in Wausau's Riverlife area. Image courtesy: SC Swiderski/City of Wausau
WAUSAU, WI (WSAU) – SC Swiderski and the City of Wausau are ending a partnership that would’ve seen the company develop the highly anticipated Riverlife.
According to a press release, SC Swiderski notified the city on Wednesday, February 7th, that they are exercising their right to end their option to purchase and construct a development agreement with the City of Wausau.
SC Swiderski cited that economic uncertainty due to global and regional issues has led to an environment that the company views as too unstable. The company further noted that fluctuating material and labor costs, as well as higher interest rates than the previous decade’s average, as factors hindering the project’s progress.
The proposed plan carried an estimated cost of $51 million, with the city of Wausau agreeing to contribute just over $9.2 million to the project, which called for a six-story housing complex with 200 housing units and some first-floor retail space and an above-ground parking garage, which was needed because of the high water table near the river.
SC Swiderski and the City of Wausau thanked the community and stakeholders for their understanding and stated that they remain committed to exploring possible future projects when economic conditions improve.
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