Future of Triangle Development Discussed by City Leaders
By Joe Bachman
WISCONSIN RAPIDS — The future of the downtown triangle redevelopment was the centerpiece of discussion by city leaders and business owners on Monday night.
The city hosted a casual dinner with business representatives from the area at Karen’s Wines & Steins, including those from Incourage, the Heart of Wisconsin Chamber of Commerce, Family Natural Foods, and more. Joining them was Ted Matkom, Wisconsin Market President for Gorman & Company — the firm who has tentatively agreed to work with the city to develop the triangle area into commercial and retail space.
Outlined in the initial city proposal included the development of multi-use/multi-story buildings, mixing office space with retail space, growing the tax-base for the area, and to provide pedestrian-friendly features, among others.
“It’s really fun when you have a public-private partnership like we’re experiencing here tonight,” said Matkom to the many in attendance. “We’re all trying to figure out what is a cool use for the bottom of that triangle parcel that we have.”
Matkom is referencing the 6,075 of sq. feet dedicated to the development of retail space. Current tentative plans for the project will have multiple housing units, which would be connected to said retail space, and could contain anything from restaurants, shopping centers, or various local markets.
Costs for the project would be lowered from subsidies through a state tax incremental finance program, (TIF) in which the debt for such development would be paid through the property taxes of the project itself over 20 to 40 years.
“We’re proud to have Gorman on board as an experienced developer interested in the Wisconsin Rapids market,” said Mayor Zach Vruwink.
After a casual dinner, attendees were invited to take a walk around the property, hopeful to see groundbreaking as early as February of 2018. For more information, check out City to Continue Discussion with Potential Triangle Area Developer