WAUSAU, WI (WSAU-WAOW) – Wausau’s Finance Committee is issuing a strong warning to the owners of the Wausau Center Mall. They said Rialto Capital Management has failed to make two annual rent payments. Those payments consist of ten percent of the mall’s profits for the year.
Committee members also say that Rialto Capital has given little input into mall redevelopment discussions. It’s something the city doesn’t want sole responsibility for.
“If the current lender and owner of the mall is unable or unwilling to implement, we strongly encourage them to sell the property to someone who will,” said Wausau Mayor Robert Mielke.
“I think we’re looking for some constructive planning effort that results in some measurable progress,” said Finance Committee Chairperson Lisa Rassmussen.
Other committee members expressed displeasure in the management company’s failure to pay the 2016 and 2017 bills. The city would issue a notice of default to Rialto Capital if deemed necessary. Finance committee members said recent payment problems may stem from Rialto’s failed attempt to convert part of the mall into a movie theater. That plan fell through in 2017.
Since the mall’s opening in 1983, the City of Wausau has collected over $4 million in ground lease payments.
