Wausau seeking developer for Sears space
WAUSAU - Developers with an eye on the former Sears building in the Wausau Center mall can start sending their proposals to the city. But it will still be a few more weeks before Wausau officials decide whether to purchase the building.
City Council members voted unanimously Tuesday to request proposals for the 88,000-square-foot former retail space. Officials want a development that will complement the downtown, maximize the property tax value and bring in a unique design for the plot.
The Finance Committee recommended the city purchase the building for $700,000. The city is waiting on some environmental testing and analysis, said Christian Schock, interim director of planning, community and economic development.
Wausau Center's Sears used to house an auto center, so the site may need environmental remediation.
City Council members met in closed session on Tuesday night to discuss the Wausau Center mall redevelopment strategy.
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On Tuesday city officials also dissolved the last remnant of Wausau's plan to redevelop the mall with former owner CBL & Associates Properties by canceling changes to a special tax district.
Wausau and CBL had plans to renovate the former JC Penney anchor spot and move Younkers there to lock the retailer into a 10-year lease. The city agreed in February to front $4.1 million for that project and planned changes to a special tax district in December to finance mall redevelopment plans.
But those plans began unraveling in July when CBL turned the mall over to its lender.
Now Rialto Capital Management of Florida is the owner of the mall. And Mid-America Asset Management, part of a Midwest-based real estate group, is running the mall.
City Council will vote on purchasing Sears in coming weeks. The proposals for redevelopment are due Oct. 14.
"We do know of interested parties and we're excited for them to submit proposals," Schock said.
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Nora G. Hertel: nora.hertel@gannettwisconsin.com or 715-845-0665; on Twitter @nghertel.