Damakant Jayshi and Shereen Siewert
A plan to build a 50-unit affordable housing complex on the former West Side Battery and L&S Printing property will continue despite a setback that resulted in a $1 million funding gap, city officials said Wednesday.
The proposal, by Gorman & Co., was chosen in November by the city’s Economic Development Committee over that of Wausau Opportunity Zone, but was given the final nod during a meeting in December. West Side Lofts, when complete, will have monthly rent ranging from $375 to $988, with one three-bedroom unit at $1,142 per month and are income-restricted.
Wausau Development Director Liz Brodek on Tuesday informed the Economic Development Committee that Gorman was not awarded a competitive tax credit for this year for the proposed redevelopment, at 415 S. First Ave. Company officials looked at reworking the project but a funding gap still exists, she said.
“So we are planning to extend the planning option agreement with them that runs through the end of this year,” Brodek told the committee. “And then resubmit for a competitive tax credit in December.”
The development director added that both the city and the company want to continue with the redevelopment project as letting it go is “not a good idea.”
The project timeline extension is the best option forward, she added.
Gorman & Co., LLC is the same group that is undergoing a $20 million historic rehabilitation of the Landmark Apartments in downtown Wausau.
There was no vote on the item since it was an update but the committee members agreed with the extension.