Wausau Center Mall site. MWC File photo: Mike Leischner
WAUSAU, Wis. (WSAU) — Tuesday's update seemed pretty mundane, given the history of discussion and discussion surrounding the Wausau Foundry's third development.
Nick Patterson of T-Wall Enterprises told the commission that current projections are that the deadline for the project is almost two weeks before June 1, the deadline imposed on the project as part of the amended development agreement approved last fall. He said construction could begin on site by May 15. “We're on track and all parts are moving forward,” Patterson said.
Patterson said his team has been tracking prices for steel, lumber and other construction materials throughout the winter. “We track them all the time, so when we buy materials, we buy at a lower price instead of a higher price. Once you lock in, you're stuck with that price forever.”
Patterson said steel prices are down and softwood lumber is up, but gypsum materials like sheetrock and drywall are holding steady. Ready-mix concrete prices had been rising but stabilized in the second half of last year.
Patterson added that funding for the project is also progressing well. They are in the final stages of finalizing financing for the project with local banks, and the financing environment has turned out to be much more favorable than last year.
“Financing has virtually stopped. Multiple financial institutions have told us, “This is a great project, but please talk to us next year.'' But I can't lend it to you right now. ” This year, we received a term sheet from a local lender and are working toward a financing commitment. ”
T Wall is also rebidding some aspects of the project to subcontractors to ensure the best price.
RELATED: Wausau City Council postpones action on amended foundry development agreement
The project went through weeks of discussion and debate last summer after the Economic Development Commission approved an extension to the start date in early August, but the board ultimately delayed approval to a week later. This put T-Wall in breach of the project's original landmark deadline, but the council halted legal action while it worked out the details of the agreement.
The extension was approved in October after weeks of debate and hours of private consultation with the city's legal team.
RELATED: Wausau City Council approves foundry with third extension
Alders also approved an amendment to the development agreement that would allow buildings to include balconies and skywalks. It passed the committee 4-1. Alder Tom Killian, a longtime critic of the project, was the only number one.
