By: Laura Schulte, USA TODAY NETWORK-Wisconsin
A high-end apartment complex could be coming to the heart of downtown Wausau.
The Economic Development committee on Thursday evening will discuss the proposal for a $6 million complex at 120 Scott St., the former home of the Scott Street Steak & Pub, a once-popular tavern that closed in 2007.
The apartment complex would be built by Lokre Cos. and would be five stories tall, with 48 one- and two-bedroom apartments. The first floor would also offer 3,000 square feet of retail space, according to the proposal.
Lokre Cos., based in Plover, is asking that the city sell the land to the company for $500,000 and provide a $250,000 grant for site work, as well as a $99,000 in tax refunds for 12 years.
The proposed apartments will feature retail space, 48 apartments and underground parking.
The city had one other proposal for 120 Scott St., a Cobblestone Hotel & Suites, which would have boasted 61 guest rooms. The city did not move forward with the proposal because an agreement couldn't be reached with the company, said Christian Schock, Wausau's economic development director.
If the City Council approves of the Lokre apartment complex, according to the proposal, construction would begin as soon as possible, Schock said. Once completed, one-bedroom units would likely be rented out for $895 a month, and two-bedroom units would be rented for $1,095 a month, with 12- and 24-month leases.
In addition to a downtown location, the apartment building would offer a rooftop community area, underground parking and a workout room, according to the proposal. Below the apartments, the retail area would offer space for outdoor patio seating, an idea meant to attract a new coffee shop or restaurant.
If the Economic Development Committee approves the proposal Thursday, it will be sent to the City Council for final approval later this year.