Artist rendering of The Foundry on 3rd in Wausau
WAUSAU, WI (WSAU) – The developer for ‘The Foundry on 3rd’ – part of the redevelopment of the Wausau Center Mall – will ask the city for $10.8-million in financial assistance. The Wausau Pilot and Review reports the request is for a $6.2 million note. The rest would be interest, covered by the city over the next two decades.
Wausau’s Finance and Economic Development committees will meet on Tuesday at 4:30 PM to discuss the proposal. Parts of the meeting will be discussed in closed session, although a vote on the project would be done in public.
The developer, T. Wall Enterprises, had also been involved in the Riverlife project in Wausau. The city dropped them after failing to reach a development agreement. The Pilot and Review reports that T. Wall filed a ‘notice of injury’ against the city, the first step in bringing a lawsuit. That notice has since been withdrawn.
The overall Foundry on 3rd project would cost $48 million. It would redevelop one of the new blocks to be created between Washington and Forrest Streets, where the mall once stood. The developer says there would be ground-level retail space and up to 154 apartment units.
The Foundry on 3rd is only one phase of the project. Plans are still pending for a second block downtown.
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