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 proceed despite a setback that left a $1 million funding shortfall, city officials said Wednesday. town.
The proposal, from Gorman & Co., was chosen in November by the city’s economic development committee over the Wausau Opportunity Zone, but received the final green light at a meeting in December. The West Side Lofts, when complete, will have monthly rent ranging from $375 to $988, with a three-bedroom unit at $1,142 per month and are income tested.
Wausau Director of Development Liz Brodek advised the Economic Development Committee on Tuesday that Gorman did not receive a competitive tax credit for this year for the proposed redevelopment at 415 S. First Ave. Company officials have considered reworking the project, but a funding shortfall still exists, she says.
“So we plan to extend the planning option agreement with them until the end of this year,” Brodek told the committee. “And then reapply for a competitive tax credit in December.”
The development director added that the city and the company wanted to continue with the redevelopment project because letting him go is “not a good idea”.
Extending the project timeline is the best option to follow, she added.
Gorman & Co., LLC is the same group undergoing a historic $20 million rehabilitation of Landmark Apartments in downtown Wausau.
There was no vote on the item as it was an update, but committee members agreed to the extension.