Council advances downtown condo agreement

STEVENS POINT — On March 23, the Stevens Point Common Council unanimously approved a development agreement with Arc Central LLC.
Following the cancelation of the Common Council meeting on March 16 due to the winter storm, and scheduling difficulties for the council’s March 17 date, alders were finally able to see the condominium proposal be presented on March 23.
Arc Central LLC is proposing to construct a six unit, three-story building on the Eagle Plumbing parcel. If the project proves to be successful, the developer intends to build an additional three buildings with six units each. If both phases were to be complete, this would provide 24 housing units. Sales of these units are expected to range from $186,530 to $223,152.
As stated in the agreement, the city would sell the land for $1,000 to the developer, with an estimated value of $60,000. The city will also provide an upfront incentive of $200,000 to close the gap between the cost of construction and anticipated value of the project.
The council unanimously approved the agreement.