By Shereen Siewert | Wausau Pilot & Review
A housing development that would have brought 200 apartments to Wausau’s Riverlife District, along with commercial space and parking, is no longer in the works.
SC Swiderski and the city of Wausau released a joint statement Friday announcing the project has been terminated. Wausau received notice on Feb. 7 that Swiderski is exercising their right to terminate their purchase and development agreement option, citing unfavorable economic conditions.
The roughly $52 million project, from Mosinee-based S.C. Swiderski, LLC, was chosen in August after a request for proposals drew two responses. The project relied on total public assistance of roughly $9.2 million, without interest with a future market value projected at more than $29 million.
In the joint release, officials say the “ongoing economic uncertainty” has created an unstable environment and the project is currently “unfeasible.” Swiderski pointed to continuing material and labor cost fluctuations and interest rates that are compromising the financial viability of the venture.
The Sterling project envisioned a seven-story multi-family building with 200 units comprising studios, studio suites, one- and two-bedroom units and four penthouses. 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, were part of the design.
The project was approved by a 7-3 margin, with Alders Tom Kilian, Gary Gisselman and Lou Larson voting against. Council President Becky McElhaney was not present.
In May 2022, 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.
Officials from both Wausau and Swiderski say they remain open to revisiting the collaboration for future projects.
