Damakant Jayshi

A major downtown development is on the cusp of launching, with developer T. Wall Enterprises estimating construction for The Foundry on 3rd will begin May 15.

The date is two weeks before a city-imposed deadline for groundbreaking that was approved last year. Wausau extended the deadline in October, one of multiple delays marking redevelopment for the former Wausau Center mall property.

“We are right on track and all the pieces are moving forward…to start construction by May 15,” Nick Patterson, developmental analyst at T. Wall Enterprises told the Wausau Economic Development Committee on Tuesday.

He also mentioned that the company is working to find the lowest possible prices for building materials. For instance, the cost of lumber has increased by 6% this year. However, prices for steel products have decreased by 5%, and the cost of gypsum materials, which are used to make things like drywall, has not changed.

Patterson also said they are close to securing a loan from a local lender. Dist. 3 Alder Tom Kilian asked Patterson Tuesday if the capital stack is good enough to move forward and Patterson said everything is “moving on track,” with loan closure expected before construction begins.

The project, estimated to cost about $45 million, relies on roughly $10.8 million in taxpayer subsidies. Wausau Opportunity Zone, Inc. owns the property and has contracted T. Wall Enterprises as its developer. Under the new agreement, the Middleton-based developer has a June 1 deadline to break ground and must deliver a completed project by Nov. 1, 2025. 

Pedestrian skyway and balcony easement agreements approved

The Economic Development Committee also approved an addendum to the development agreement that will allow the developer to build a pedestrian skyway above the public right of way on Jackson Steet between its building and a parking ramp.

The committee also approved the developer’s request to build multiple elevated balconies that would encroach in the air space above the right of way above Washington, North Third, and Jackson Streets.

Community Development Director Liz Brodek said the developer will be allowed to begin the construction of the skywalk only after closing on the property.