WAUSAU, WI (WSAU) — Wausau Mayor Robert Mielke provided an update Monday on the progress of the city’s Riverlife development near the Wisconsin River.
According to the developers, the apartment complex is now 50% complete and leasing for the units is underway, with a quarter of the 75 units spoken for.
The apartments will lease for $925 a month with each unit including cable TV and managed WiFi. Other amenities will include heated underground parking, secure access, and a fitness center.
An on-site manager for the apartment complex has also been hired by the management company. According to Monday’s release, the units should be ready for occupancy by July 2020.
The Riverlife development began as a mixed-use office and retail space that was to be built by Mike Frantz and Quantum Ventures. The group racked up more than $2 million in debt to local contractors during initial construction and later abandoned the project. That led to legal proceedings that left the project delayed for more than a year.
RELATED: Frantz officially out as Riverlife developer
Later, the city chose Oregon, WI-based Gorman and Company was chosen to take over the project. That was later shifted to Wausau Riverlife LLC, a conglomerate of three local developers that shifted the project from mixed-use retail and residential to all apartments.
RELATED: Wausau group to take over Riverlife Development
Developers have since expressed interest in adding a complex of condominiums to the area, along with other retail and dining options. The city will also be extending Fulton Street to serve the new neighborhood, that project is currently out for bids.
