By Shereen Siewert
Discussions over a housing development that would bring 200 apartments to Wausau’s Riverlife District will continue this week, with city leaders set to review the latest financial projections on Tuesday.
The project, from Mosinee-based S.C. Swiderski, LLC, was chosen in August after a request for proposals drew two responses and relies on total public assistance of roughly $9.2 million, which includes principal and interest. The future market value of the project is expected to total more than $29 million.
Swiderski proposes The Sterling, a seven-story multi-family building with 200 units comprising studios, studio suites, one- and two-bedroom units and four penthouses. The proposal includes 345 parking spots – with 324 combined interior parking spaces and 21 on a surface lot, with a separate parking ramp structure. In addition to living space, the Sterling would feature two ground-level commercial retail spaces and amenities such as a yoga room, fitness center, community spaces, patio and grilling areas and a rooftop terrace, among other aspects.
In May, Wausau issued a request for proposals to redevelop the property after plans from a previous developer, T. Wall Enterprises, fell through. The City Council nixed the development plan in March 2022 for the lots, which fall in tax incremental districts No. 3 and No. 12.
The final plan, developed by the city’s staff and the company, is subject to approval by the 11-member City Council. The August decision opened doors for further negotiations with the selected developer.
Since then, city officials received a financial assistance request from Swiderski that was sent on to public finance advisors Ehlers for review.
Swiderski aims to finance the project with a first mortgage of about 70 percent of the total development costs. The company proposes buying the property from the city for $400,000.
Proposed market rate rents would range from $1,275 per month for the smallest studio unit to $3,000 per month for a penthouse, according to city documents. Those rents are higher than for comparable properties reviewed by Ehlers, but the rents proposed are projected in 2026 dollars to account for construction beginning in 2024 and leasing to start in 2026. The plan also calls for commercial space in the building.
City staff is recommending the proposal be approved. Members of the Finance and Economic Development Committee will meet together on Tuesday to review the proposal. A closed session is planned.
Click here for the meeting agenda and materials.
