Wausau Economic Development Committee Hears Proposal for New Housing Development

Friday, August 9th, 2024 -- 8:00 AM

(Mike Leischner, WSAU) Wausau’s Economic Development Committee heard one detailed proposal for a new housing development near the intersection of First and Fulton Streets in the Riverlife neighborhood.

According to Mike Leischner with WSAU, Milwaukee-based Wangard Investments has proposed two apartment buildings with 130 units and first-floor parking. Vice President of Planning and Redevelopment Mark Lake says the complex would provide a mix of studio, one, and two-bedroom units with rents at around $1,500 per month.

Lake says his company has researched the Wausau market and they like what they see. “It’s vibrant and it’s growing. But just like most municipalities [you have] a need for workforce housing that’s modern and provides the amenities that the working public are looking for. I believe we can do that.”

The area could also come with complications because of its status as a Brownfield Site, meaning redevelopment could involve the disposal of hazardous materials in the soil. Lake says they’d solve that problem with first-floor parking instead of housing.

“The plan that we have is above-ground because that soil is $65 [or more] per yard to dispose of. If we dig it up, it has to go someplace and that’s a dollar amount we don’t want to spend,” said Lake. Wangard has most of their properties in the Milwaukee area but they’re looking to expand.

Lake says they recently completed a commercial development near Chippewa Falls and housing developments in Madison and DeForest. Should this proposed Wausau development be a success, he says they would look to add a second development in the area that would allow them to establish a base with a full-time property manager and maintenance engineer for the region.

One other developer, Madison’s T Wall Enterprises, also submitted their interest in the site but didn’t provide detailed plans. Nick Patterson told the committee that their focus remains on the Foundry development at the former Wausau Center Mall site.

But should the city strike out with other developers they would be willing to work on a proposal for the land with construction getting underway by 2027. After a brief closed session, the Committee voted unanimously to send the Wangard proposal to the full council for consideration later this month.

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