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Common council approves change in development agreement for Plaza Hotel site

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WAUSAU, Wis. (WAOW) -- The Wausau common council approved a change to the redevelopment deal for the Plaza Hotel site.

A change was made to the plan during a meeting Tuesday evening, taking the plan from one project to two separate ones.

That will allow the Lockre Company to secure financing for the project. However, they weren't able to get financing with the projects being tied together.

If the change wasn't made that threatened to stall the project all together.

The land will be broken in to three lots.

The tower portion will be redeveloped into a Best Western hotel, another lot will be sold for redevelopment purposes, the third part of the hotel which is the pool, banquet hall, and two-story hotel will be demolished and redeveloped by the Lockre Company into apartments.

News 9's media partner, WSAU radio reported in April that the plan was approved by the city's finance and economic development committees.

"We're simply talking about taking a developers agreement and addressing a simple change at the end which decouples phase 1 and phase 2 in terms of clawbacks that's it," said Tom Neal who is the fourth district alderperson.

The apartments building will have units at different prices.

Ben Zitouni

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