WAUSAU – Current and future residents of Wausau may soon see a new housing and commercial development along East Bridge Street.
The city’s Economic Development Committee voted 4-1 on July 7 granting an exclusive, six-month planning agreement to Madison-based developer Eminent Domain Corporation for 1.13 total acres of city-owned property at 1501, 1502, 1505, 1508, 1509, 1510, 1514 N. Second St. and 201 E. Bridge St.
District 3 alderperson Terry Kilian voted no citing concerns about the housing market and possible development incentives for the project.
Pending Council approval, the agreement would give both the city and the developer additional time to complete due diligence tasks and further evaluate the feasibility of the developer’s proposal for the site, according to a memo dated July 7 from Patrick Gatterman, City of Wausau economic development manager.
Madison-based developer’s is only active proposal for property
The city’s economic development department conducted two rounds of requests for interest for developers to submit project proposals for the site since July 1, 2025, before initiating an “open” request for interest for the properties, Randy Fifrick, City of Wausau development director, said in the June 2 Economic Development Committee meeting.
A developer who expressed interest during the first round of the city’s request for interest withdrew their proposal and did not submit again and Eminent is the only proposal for the property the city has received since then, Fifrick said. Some feedback he received about the site was that it is too small and requires unique considerations for an existing utility easement and access from surrounding streets.
What is the current proposal?
The initial proposal from Eminent consists of two buildings and a 40-stall surface-level parking lot. A three- or four-story building with a 16,600-square-foot footprint along the property’s west boundary would contain 45-60 apartment units on the building’s upper floors, while the first floor would contain 45 indoor parking stalls and space for amenities and services for residents such as a fitness center, community rooms and an on-site property manager, Julian Walters, Eminent Domain Corporation president, said in the June 2 meeting.
A second building near the property’s southeast corner would contain 5,800 square feet of commercial or retail space, according to the proposed plan. The project would also implement bicycle and pedestrian improvements along what would become the former North Second Street right-of-way as the roadway will be converted to a one-way driveway into the proposed development.
The development’s surface and first-floor parking areas would also have two-way driveways on Dekalb Street, according to the proposed plan.
What are initial cost estimates for the proposed development?
The proposed development is expected to result in private investment of $18-22 million, according to the initial proposal. Development costs are expected to be around $14-15 million, Walters said in the June 2 meeting.
Estimated rental costs for units are expected to include both market-rate rentals and rental rates that qualify as “workforce housing,” but the split is still to-be-determined based on access to development capital, according to Walters. The split will likely be about 60-40 or 70-30 in favor of market-rate units.
Funding for the project is expected to come from a mix of sources including a 40-year U.S. Department of Agriculture Rural Development loan, private equity, the development company itself and public investment in the form of tax incremental financing, according to Walters.
Walters estimated a need for about 20% of the development cost, or about $3 million, of public investment to make the project feasible along with a transfer of ownership of the property from the city to the developer for $1. The project will not use low-income housing tax credits, Walters said.
Public funds for the project would likely come from the project plan for the city’s tax incremental finance district 12, Fifrick said.
What is the proposed timeline for the project?
The Common Council will consider final approval of the planning agreement with the five-member committee’s recommendation to approve at its next regular meeting at 6:30 p.m. July 14.
If approved, Eminent would receive exclusive control of the property through Dec. 31, 2026, to perform due diligence and feasibility studies for the project with an option to extend the deadline for six months at a cost of $10, according to a draft of the planning agreement included in the July 7 meeting packet.
A preliminary development timeline included in the initial proposal outlined initial negotiations in August 2026, site control and due diligence in August and September, design development and entitlements in September through December, financing commitments and final approvals in January through March 2027, construction starting in April 2027, completion between April and June 2028, and occupancy beginning in summer 2028.
Erik Pfantz covers local government and education in central Wisconsin for USA TODAY NETWORK-Wisconsin and values his background as a rural Wisconsinite. Contact him at epfantz@usatodayco.com.
This article originally appeared on Wausau Daily Herald: Committee gives nod to development along Wausau’s East Bridge Street
Reporting by Erik Pfantz, Wausau Daily Herald / Wausau Daily Herald
USA TODAY Network via Reuters Connect
By Erik Pfantz, Wausau Daily Herald | USA TODAY Network
