WAUSAU, WI (WSAU-WAOW) The group of non-profits that now own the Wausau Center Mall presented their early plans to redevelop the property.
The consortium of non-profit groups call themselves the Wausau Opportunity Zone, or WOZ. They met with the city's Finance and Economic Development committees on Tuesday.
The plan is still in the beginning stages. It would involve demolishing the existing mall building, extend some streets south of downtown, and offer a ramp or bridge to connect the property to the city's riverfront. The land would become a mix of housing, retail and office spaces. The housing part of the development calls for 400 units.
Members of the committee voiced their support for the way the plan connects different parts of downtown life. "I like the way it's integrated with other aspects of downtown and the river front," said District 4 Alderperson Tom Neal. The city has given the new owners a $1-million loan, which could be forgivable as the property is redeveloped.
The plans are not finalized. "We wanted to make sure we had out plan right, that we were confident with our plan. We'll advance this plan a bit more before we take it out to market," said WOZ Managing Director Chuck Ghidorzi.
Ghidorzi said he hopes to see quite a bit of progress in the next couple of years, with the first phase being demolition. The project would take four or five years to complete.
The developers hope the initiative revitalizes the downtown area and puts Wausau on par with other top small cities in the country like Bend, Oregon and Asheville, North Carolina.