WAUSAU / LONDON (IT BOLTWISE) – An office building that has been vacant for two years in downtown Wausau is set to be converted into a mixed-use development project. The city plans to use the first two floors for commercial use while converting the upper floors into apartments. This project could not only revitalize the city center, but also solve the city’s parking problems.
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The city of Wausau, Wisconsin, plans to convert a vacant downtown office building into a mixed-use development project. The building, known as Riverside Place, is located on Scott Street between Dudley Tower and the Marathon County Public Library and has been vacant for over two years. The city sees this project as an opportunity to revitalize the city center and at the same time address the challenges of the modern working world.
Randy Fifrick, the city of Wausau’s development director, emphasizes the importance of downtown as the heart of the city. He explains that many businesses left the building during the pandemic and it hasn’t been used since. The traditional use of office space has changed and it is difficult to find new tenants. Some people are currently using the building as a coworking space, but this use is not sustainable.
Developer Raleigh Lokre plans to reserve the first two floors of the building for commercial use, while converting the upper floors into 52 apartments. This project could also solve the city’s parking problem. The city currently leases 480 parking spaces in the Jefferson Street Ramp that are reserved for the building. The new project could reduce the number of reserved parking spaces to 150, allowing the city to use the remaining 330 parking spaces for other purposes and generate revenue.
An exact timeline for the project has not yet been determined, but Fifrick expects a development agreement to be presented to the City Council in the next two to three months. Once this contract is approved, the developer can begin pricing and awarding construction contracts. This project could not only revitalize downtown Wausau, but also serve as a model for other cities facing similar challenges.
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