Riverside Place in downtown Wausau. MWC photo by Mike Leischner
WAUSAU, WI (WSAU) — The Wausau Finance and Economic Development Committees took no action on a nearly $1 million public investment for the redevelopment of Riverside Place.
Developers Marc Craig and Rolly Lokre have proposed a reworking of the four-story office building, shifting the top two floors to mid-level housing. That would add more than 50 units, mostly one and two-bedroom apartments, to the downtown inventory.
Craig said converting that office space to housing is difficult, which is why they’re asking for the city’s help. “It is 100,000 square feet of office space, which is difficult to lease. It is a challenge to find tenants to move into large spaces.”
He noted his experience in trying to fill the City Square Office Center, which to this day has only reached 80% capacity.
Lokre says Riverside Place, located at 11 Scott Street, has never lived up to its potential. “It’s had two tenants in it for all these years. It’s always been this pristine, perfect building with just Wipfli (Accounting) and United Health. So, we have an opportunity to really take it and bring it back to life.”
Three people spoke in favor of the development during public comment, including former Economic Development Director Liz Brodek and Visit Wausau Executive Director Tim White. Greater Wausau Chamber of Commerce CEO Dave Eckman also spoke in favor of the project.
Alders met in closed session for about 30 minutes to discuss the funding package. no action was taken in open session, with alders instructing city staff to continue negotiations.
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