Wausau OKs $5.9 M for riverfront development

WAUSAU - The city will spend nearly $6 million to support a big block of development on the east bank of the Wisconsin River, including housing and multiuse buildings.

Wausau City Council gave a green light to the site plans for Riverlife Village and approved $5.9 million in city support for the project.

The expense includes $2.74 million in grants and loans to support the developer and $2.27 million in infrastructure costs such as sidewalks, lighting and stormwater management. 

Iowa-based Frantz Community Investors is developing 16 acres owned by the city between the Eye Clinic of Wisconsin and Bridge Street.

RELATED LINK: $2.75 M in aid slated for riverfront developer​

RELATED LINK: Wausau breaks ground on east riverfront

"There’s an element of risk for developers when they are the first in," said City Council President Lisa Rasmussen. She said the first phase is the riskiest and requires substantial commitment from the city. "It really is stimulating future growth and future phases of the project."

Phase 1 will kick off this year with six town homes along First Street, 52 market-rate apartments and a mixed-use building with about 38,000 square feet of commercial and office space. 

According to current plans, the project will create a total of 16 town homes, 260 apartment units and about 77,000 square feet of mixed-use space. 

Dennis Smith is the only Council member who voted against the city funding Phase 1 of the project. He supported Wausau on the Water, a neighboring family entertainment center in the works, he said, because it could benefit all socioeconomic groups, while the Riverlife Village doesn't. 

Compass Properties General Manager Mark Craig asked the city to reconsider it's funding of office space in the development, because there's 60,000 square feet of open office space downtown. Compass does support the residential developments by the river, he said. 

The $20 million phase of development is one of the largest in the city's history, larger than the Dudley Tower, said Economic Development Manager Christian Schock.

“It’s an important step in building the taxable base," Schock said. 

Nora G. Hertel: nora.hertel@gannettwisconsin.com or 715-845-0665; on Twitter @nghertel.