Wausau Mall project delayed until 2024 due to lack of funding
Area business people say they received investment solicitation from T. Wall Enterprises about the property.
The Wausonian in April reported that developers of the first project slated for the former Wausau Center mall site seemed to be seeking additional investment from certain Wausau residents. Area business leaders got a mailing seeking their investment in the Foundry on Third project.
That was confusing, since the project was slated to first start in March, then was moved to May, then July.
Now the project has been moved to spring 2024. Greater Wausau Chamber of Commerce President/CEO Dave Eckmann confirmed to the Wausonian that it is due to the developer needing more time to secure equity for the project.
In other words, they don’t have the funding. That makes sense in light of business leaders being solicited for investments.
T. Wall Enterprises was chosen by Wausau Opportunity Zone to develop the first of what is hoped to be several developments in the former mall site.
As a reminder, T. Wall recently had a kerfuffle with the city:
The Development Maze
Last year The Wausonian reported on the collapse of the third Riverlife project — the second to hit serious snags and one of many development projects to fall through in the last decade. An agenda item appeared on this month’s Economic Development Committee meeting agenda that promised some legal action from T. Wall Enterprise over the situation. T. Wall had been approved by city officials last year to complete the mixed-use building in Wausau’s flagship development area along the river.
Here are some of the details of the mall project:
T. Wall Enterprises plans to build two apartment complexes on the former mall site, bringing more than 300 apartment units downtown. The first was supposed to start construction this spring.
City leaders say only 3-5% of Wausau’s residents live near downtown, and healthy downtowns require 12-15% of its population nearby.
The apartments range from $800 to $2,879, from studio to three-bedroom.
City leaders approved $10.8 million in TIF incentives (the amount includes the total interest amount) toward the first project.
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