By Shereen Siewert
WAUSAU — A Plover-based developer is proposing a 58-unit residential apartment complex to break ground this year at the former site of Mountain Lanes, the iconic bowling alley that was sold earlier this year.
The Lokre Development Team is proposing the roughly $7.5 million project, named Mountain Lane Apartments, and is seeking about $600,000 in tax increment financing incentives to help support the development, city records show. The credits, about 8 percent of the project’s costs, would be spread over eight years. The project plan includes $5,655,000 in new construction costs.
The plan calls for 28 one-bedroom units and 30 two-bedroom units in a two-story structure with monthly proposed rents between $975 and $1,375 per month, according to city documents. Lokre Companies purchased the property in December for $475,000, according to online land records.
Architectural renderings designed by Bob Bleck, along with a TIF funding application, are included in the materials for Tuesday’s economic development committee meeting. Under the terms of the application, Lokre pledges to source all subcontractors and building material suppliers from within a 100-mile radius of Wausau.
The committee will review Lokre’s request at 5:15 p.m. Tuesday, April 2, in council chambers at City Hall, 407 Grant St., Wausau.
Top photo: Mountain Lanes, 1401 Elm St., Wausau, will be razed under a plan to create a 58-unit apartment complex if the city approves a development proposal. Photo credit: J. Decker for Wausau Pilot and Review