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Home About Us B2B Club Breaking News Contact Donate Events / Programs Feedback Ideas Incubator Industry Clusters Links / Resources Progess Funds Progress Teams Public Art / Murals Publications		Breaking News May 10, 2005 - Downtown condo plan catches mayor's eye By Beth Burger, Daily Tribune staff A condominium building could help revitalize downtown Wisconsin Rapids, say supporters of the proposed riverside development. And the corner of First Avenue South and West Grand Avenue - currently a parking lot owned by Stora Enso - could support 30 to 40 condo units, according to a market study conducted by a Madison-based firm. That is if "the development would incorporate Wisconsin River views and the units would be properly priced and professionally marketed," according to the study. "It's a vision that would make better use of the parking lot, but it's a long-range plan," Wisconsin Rapids Mayor Jerry Bach said. "It would really be a plus for downtown if we could land something like this." The study was conducted by Virchow, Krause & Co. LLP to attract developers willing to take on the project estimated at $6 million to $10 million. The land itself is valued at $202,700, according to its 2002 tax bill. The study, which took six weeks to conduct, used demographic analysis of the area, condo sales, a review of the permit building history in Wisconsin Rapids and personal interviews with real estate professionals in the community. It used data from January 2004 to February. The $7,200 study was paid for by the Riverwest Development Group, a planning group made up of officials and members of the business community. "There are a lot of good things happening on this side," said David Hell, president of US Bank in Wisconsin Rapids, who is a member of the group. "It just seems like a natural development that would enhance the west side and take advantage of the river." John "JR" Siewert, broker and owner of Coldwell Banker Siewert Realtors, said he thought the condos would offer permanent housing for professionals, baby boomers and retirees who travel frequently and don't want to worry about upkeep. "I think that a project like this would be a real added asset and attraction for a community. I think the demographics really make the timing for something like this really ripe," Siewert said. The study's demographic review stated the condos would target baby boomers and empty-nesters who come to the area in the summertime. Twelve to 18 units would be sold per year upon completion of the condos. "It might take a number of years to sell the thing out," Bach said. But the mayor said already knows of 15 to 20 people interested in purchasing a unit. And he's one of them. "It's got everything as I move forward in life," he said citing the convenience of shopping and a nearby library and senior center. "I've got that beautiful river looking right out my front window," Bach said. "Those are some of the things that excite me about the location. ... I also think we have that group of baby boomers and retired seniors that would see the advantage." Alderman Connie Verjinsky said a list of interested and committed buyers might be a necessity for the project. "When it comes down to actually building it, we just have to make sure we have people that are going to be committed to it," Verjinsky said. "I think we need people to reassure us this is what they want and to design their own condo." There would also be the possibility of incorporating businesses in the condos, said Michael Hershberger, director of housing market studies at Virchow, Krause & Co. "We feel that this would be a catalyst project for downtown. It would spur additional residential and commercial development. There would be a small amount of commercial development," Hershberger said, citing the possibility of retail shops on the ground level. The project could be completed as part of a tax incremental financing, or TIF, district, which would use property taxes from new development in that area to pay for improvements within the district, Bach said. The study did note that layoffs have affected the paper mill industry in Wisconsin Rapids in the past year, but much of the job loss in this industry was made up for by job growth in other sectors. Still, layoffs have some worried about whether there would be a market for the condos, which would be priced at an estimated $172,000 for a two-bedroom, two-bathroom 1,500-square-foot unit. "It looks good. Everything is promising, but I think we need to get some jobs here," said Wisconsin Rapids Alderman Maynard Paterick, who received a copy of the study last week. "I think that's very important. My top priority here is jobs and it's going to stay that way. I believe once we get industry and jobs here, the rest will follow," he said. Verjinsky said she was concerned about the affordability. "If we can develop it, I think it would be a wonderful thing," Verjinsky said. "I'm concerned we aren't going to have the people who can afford them. Maybe we can look at lower price condos for the average person. To upkeep an $180,000 condo when you are only here six to eight months out of the year might be difficult." Another resident agreed with Paterick. "I just think we should focus on business first," said Adam Malooly, 20, of Wisconsin Rapids. Malooly is a lifelong resident of Wisconsin Rapids and said he would like to see more shops and stores before the condos are built. But some businesses already located downtown wouldn't mind having more potential customers brought in by housing. "Absolutely," said Mike Petersen, owner of Mulligan's Irish Pub, when asked if the condos would be good addition to downtown. "It's a necessary start. We want this to be a little destination. We just need a little extra investment down here." Under the plan, the parking lot owned by Stora Enso would be sold to the developer, and in turn, a parking ramp would be built behind the Mead Witter Building for workers. Parking for condo residents would be underground. The study recommended that the condos would be a highly visible landmark downtown to "enhance community awareness of development." Some residents aren't so sure they would want a building in that spot. "It would just take away from the view of the waterfront," said Connie Fischer, 41, of Nekoosa who walks along the river on her lunch break. Ryan Clark, 29, of Wisconsin Rapids said he liked the downtown area's older architecture. He said he would want something with similar architecture to match that style if condos are built.
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