Wausau Opportunity Zone

Greater Wausau > FAQs > Wausau Opportunity Zone

When will the Children’s Imaginarium be open?

Sep 28 2023

The Children’s Imaginarium will open on December 6, 2023! Check for updates on their Facebook page.

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What are opportunity zones?

Aug 22 2023

Opportunity zones are economically distressed areas designated by the U.S. government to promote development and prosperity. These zones were established as part of the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural areas. Investors can receive attractive tax incentives while also supporting the revitalization of struggling areas. […]

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Is the redevelopment zone in Wausau a TIF district? What is a TIF?

Aug 12 2023

The mall redevelopment zone is entirely in TIF District 12, as of April 2023 when the boundaries were amended. Tax Increment Districts (TIDs) are designated areas that allow new tax increments created in the district to be used within the district to incentivize development. When a TID is created, baseline property values are frozen and […]

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Who is the developer of the project?

Aug 12 2023

Wausau Opportunity Zone, Inc. (WOZ) owns the redevelopment site and is collaborating with experienced developers to create housing, retail and commercial opportunities for the community. Click here to learn more about Wausau Opportunity Zone, Inc.

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What are the plans for the final usage of the spaces?

Aug 12 2023

The plans for the site include mixed use of market-rate apartments, restaurants, retail and specialty boutique businesses. Opportunities for office space will be available, too. Accompanying the development of new streets and buildings will be public green space and public marketplace.

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When will the entire redevelopment project be finished?

Aug 12 2023

The redevelopment will unfold in phases over several years. Sewer and temporary street construction are projected to be completed in August 2023, HOM Furniture façade is projected to be completed in summer 2023, the Children’s Imaginarium is projected to open in fall 2023 and Foundry on 3rd is projected to break ground in spring 2024.

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How does Foundry on 3rd benefit the community?

Aug 11 2023

Downtown housing currently is in demand. This complex will be a magnetic place for young professionals and others who want to live downtown with nearby restaurants, shopping, special events, entertainment and other walkable amenities. It also offers retail space to shop owners wanting to be positioned in the heart of the city.

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What is the Foundry on 3rd?

Aug 11 2023

A five-story building with 154 urban apartments, ranging from micro-units to three-bedroom units. There will be underground parking, green space in the courtyard and co-working spaces for tenants. Approximately 17,500 square feet of retail and commercial spaces are included in the plans.

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How many acres of the Wausau Center mall site is being redeveloped?

Jun 7 2023

The mall area being redeveloped is 6. 5 acres. This does not include JC Penny which will be a 2.65 acre development. Of the 6.5 acres currently under development, approximately 2.6 acres was returned to the City of Wausau for street development (2nd Street, 3rd Street, and Jackson Street)

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What are all of the parking options downtown?

May 12 2023

Parking ramps are easily accessible from the city streets and are clearly marked with signage. Enjoy 2 hours of free parking on any downtown street, parking lot or ramp. Click here to find the hours for ramps and lots by location or to see a downtown parking map. Street Parking:  Enjoy 2 hours of free parking […]

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