By Shereen Siewert
Members of Wausau’s Economic Development Committee will take a first look at a roughly $1.4 million proposal to tear down a portion of The Plaza Hotel in Wausau to make way for a new Best Western.
The project, outlined in the packet for Thursday’s meeting, will be largely financed through private loans and equity. The development team is asking for $240,000 in city assistance, which includes a $190,000 seven-year loan at 1.5 percent interest and a $50,000 reverse Tax Increment Financing grant.
The proposal by Nidus Holding Co. LLC lists the development team as owner Jay Jeet Govardhan, architect Angus Young, contractors Anthony Construction and 12 Gauge Construction LLC; and additional local contractors for plumbing, electrical and landscaping work. Nidus Holding Co. LLC lists a Wausau address in Wisconsin Department of Financial Institution records.
Nidus Holding’s plans involve a complete overhaul of the Plaza Hotel & Suites, 201 N. 17th Ave., which has a current assessed value of $1.85 million, and would remove blight by demolishing the deteriorating building, while improving tax value and neighborhood property values, according to city documents.
The proposal calls for splitting the property into three parcels with a potential partner buyout for the north 1.92-acre lot, reserving the 2-acre south lot for redevelopment and upgrading the side lot with a 60-room, four-floor mid-scale Best Western Hotel with a family and business-oriented focus.
If the project is approved, construction would begin in June with a completion date of October 2020.
See the full proposal in the packet, below.ECON_20200319_Packet