WAUSAU, WI (WSAU) — For the second time in less than a year, Wausau’s Riverlife development is under the care of a new developer.
This time it’s a Wausau-based company.
City officials announced Wednesday that the team of Viegut, Ohde, and Riveron, collectively known as Riverlife Wausau LLC, are in negotiations to take over the lead on the project, with Madison-based Gorman and Company choosing to focus on the redevelopment of the historic Landmark Towers apartment building with help from state tax credits.
Mayor Robert Mielke called the transition a “clean handoff” that will not delay the project any further. “They are local people, they have a big commitment in this, and they weren’t looking for anything more from the city.
“If everything goes right, this new group will take over. They will break ground and get things back up and running by the beginning of June,” said Mielke.
Gorman and Company were originally chosen by the city earlier this year to take over the development from Barker Financial and developer Mike Frantz, who was removed from the project after millions in unpaid bills piled up last spring and work was stalled. That’s led to liens against the city, which Mielke says will be paid once construction begins again.
Those liens still haven’t been paid, but Mielke says the city does still plan to make good on those payments by the time construction on the site starts back up. That amounts to about $2.5 million, which Mielke notes was equal to the city’s original financial commitment to the project.
Mielke says Gorman and Company could still have a hand in retail or office development in the Riverlife area. In a statement released by the city, they said “we have been in discussions with the Viegut, Ohde, and Riveron team and we are working with them in an effort to restart construction at the Riverlife Phase 1 Residential site while we continue to explore options for the Commercial/Mixed Use site.”
The plan still requires approval from the full city council, which is expected to come at their May 14th meeting.
