WAUSAU, WI (WSAU) — The Wausau Economic Development Committee has approved a third amendment to the development agreement for the Riverlife Condos but has made it clear they want tangible action by the dates indicated in this latest version.
“I get that we have had some issues with the economy and supply; getting things off the ground. But I think in spirit we should have an understanding between us and the developer that at some point we want to see something going up here,” said Alder Lisa Rasmussen. “We agreed that we are going to build condos together and we need to get it going. I’m hoping we don’t see a fourth amendment.”
The original version of the agreement called for project completion by June 30th of this year. However, the project has been delayed several times. Two prior amendments called for completion by July and November of 2023. Tuesday’s amendment now calls for the building to be ready for residents by May 1st of 2024.
Closing on the property must occur by November 1st. Construction must begin by April 1st, 2023.
Economic Development Director Liz Brodek says the core of the project hasn’t changed through the different amendments; start and completion dates have been the only major changes. “At the end of the day, that tangible action [residents can expect] is condos on the riverfront.”
Developers have hinted that the number of units could be slimmed down from 32 to 26 to create more green space. Brodek indicated to the committee that such a change does not require an amendment because the number of units was not commemorated in the prior agreement. “We don’t have any official amendment in writing, nothing submitted to any committee or anything like that. So that might be something to keep an eye out for later.”
Alder Rasmussen is also hopeful that plans for an outdoor amphitheater can also be resurrected in the future, telling her fellow committee members she is still “a bit salty” about its removal. “I hope that you can work that out separately because that’s what sold me on this project in the first place. But I also support housing options in this particular tier.”
Tuesday’s vote was unanimous.
