Developers pitch conversion of 11 Scott Street into 52 apartments; council moves to closed-session negotiations

Lockrey Development representatives presented a plan on Oct. 14 to convert the upper floors of Riverside Place (11 Scott Street) in downtown Wausau into 52 residential units and asked the City of Wausau for $950,000 in public assistance to make the project financially feasible.

The joint session of the Finance Committee and Economic Development Committee heard from Mark Craig and Raleigh Lockrey of Lockrey Development. They described 11 Scott Street as a four-story, roughly 100,000-square-foot building that currently contains large, hard-to-lease office floors and limited active tenants. The developers said the residential component would be a 52-unit “missing middle” product: 41 one-bedroom units, 10 two-bedroom units and 2 three-bedroom units. They said the residential portion is estimated at about $7.8 million and the total…