STEVENS POINT, Wis. (WAOW) — The city could offer a $2 million incentive to the developer General Capital Acquisitions LLC.
They’re looking to turn a parking lot at Third Street and Water Street into a low income senior living complex.
Mayor Mike Wiza said Thursday morning that use of the lot by drivers has declined. Because of that, he said it’s an opportunity.
“So it makes it more of an advantage for the people who want to utilize that,” said Wiza. “It provides options for those low-income seniors who still want that independent living choice, but also be still connected, and this will keep them very connected to the downtown.”
The proposal heads to city committees and council over the next few weeks.
If the city council approves the proposal, groundbreaking and construction are expected to start in 2019.
Mayor Wiza said taxes generated by the living center will pay back the $2 million over the next twenty to twenty-five years.
The apartment complex is one of several redevelopment projects the city is pursuing.