STEVENS POINT, WI (WSAU) — A proposed housing development in Stevens Point suffered a setback this week when developers were turned down for state tax credits for the project.
Community Development Director Michael Ostrowski says Kansas-based Cohen-Esrey LLC did not get the funding, which was part of their developer’s agreement with the city. Therefore, the project won’t go through as-is.
Ostrowski says the company could apply for the credit again next year as well since they are issued on a yearly basis. Or, they could go in a different direction. “The deal in its current form will not move forward, but [there could be a] future development at this site.”
He says that could happen with or without the current developer, adding that the city does have a good relationship with the company and he would like to see them try again in the future.
Cohen-Esrey had proposed to build a four-story complex on the site located near the intersection of Water Street and Arlington Place. The complex was part of a recent emphasis on improving the city’s current amount and variety of housing stock.
Ostrowski adds that the city did get one project approved for the Wisconsin Housing and Economic Authority credits. General Capital’s plan for an 88-unit, $18 million senior housing project in the area of Water and 3rd streets.
