DEVELOPMENTALLY CHALLENGED? The Waterford project on Hastings Way is in new hands after the original owner owes the bank $46 million.

The economy might be down, but area developers say they’re generally unfazed, at least not enough to drop projects.

    PHOENIX PARK
    The 33-unit apartment building and retail space across from the farmers market pavilion will open to occupants on May 1, and there are still 13 energy-efficient apartments available, said developer Geoff Moeding.

Moeding said there’s been confusion about the project extension he requested from the city council earlier this month. Really, he said he just wanted to swap the deadlines for the apartment building and the one in the pharmacy building.

“It’s a delay in a way, but it’s not. We’re actually a year ahead of schedule on lot 21,” Moeding said.

The next building on schedule is a three-story, 24-unit apartment building next to The Livery, for which they hope to break ground in July.

To avoid financing issues for not having sufficient retail interest (yet), Moeding said they decided to convert the 1,200 square feet of retail space to four live-work apartments.

“That section of the market is really hurting right now,” he said.

Those four units would allow a small business owner to literally live in the same building, which Moeding said could be ideal for artists or a small insurance company.

“I think that’ll be brand new for the market here,” he said. “We’re looking forward to seeing new life down here with more people living downtown,” Moeding said.

    GRAHAM APARTMENTS
    Just across the river from Phoenix Park, at 320 Graham Ave., developer Brian Johnson is hard at work on a remodeling project for18 loft apartments with 12-foot ceilings, granite countertops, an underground garage, and exercise facility.

Despite the economy and a rental price range between $700 and $1,100 a month, tons of people are attracted to these downtown living projects. As of late March, Johnson said he planned to finish the project by June, and 10 of the apartments were already pre-leased.

    RIVER PRAIRIE
    In Altoona, 110 of 130 available acres for the River Prairie Development sold just in March, said Mike Golat, Altoona’s city administrator.

The development would include mixed commercial office and retail space, as well as a walk and bike trail. The only real issue with the project was finding financing, but now that that’s squared away, Golat said Altoona is working on marketing to draw in retailers and selling the other lots.

“Given the economy, is there really going to be the interest from the business and retail sector, and the residential sector for that matter? That’s where we’re at right now,” he said.

Though Golat doesn’t expect the project to be fully completed for another seven to 12 years, he said its impact on Altoona should be profound. The tax base would expand by about 30 percent, providing an additional $130 million of revenue for Altoona. Golat hopes it will also draw more people to Altoona, both visitors and residents.

“It’s going to be a nice place for people to shop and work and play and live,” he said. “It’s going to help give Altoona a distinct identity as well. This will be the most visible gateway to our community.”

    DOWNTOWN CHIPPEWA
    In Chippewa Falls, the state government is rebuilding Highway 29 and is replacing the interchange with a roundabout. But because the project is supported by allocated state funds, City Planner Jayson Smith said the economy has little impact on the change.

The roundabout should streamline traffic and add an aesthetic appeal to the city because of the included landscaping. And of course, Smith said the city is still buying properties in the Chippewa Falls downtown, some of which will be demolished this summer to make way for the eventual cleaned-up downtown entrance.

    WATERFORD DEVELOPMENT
    The exception to the otherwise healthy state of our area’s development, in spite of the economy, is the Waterford Development.

WQOW recently reported that Goldridge Group, the developer in charge of the site on Hastings Way/Business 53, lost control of the property. A firm in the Twin Cities took possession, and court records showed Goldridge owing the bank more than $46 million, the story stated.

So while the five-story, mixed-use building (with apartments in the top floors and retail on the ground) may be finished, the plan to continue building may be extinguished or, at the very least, significantly delayed.

This, however, is sheer assumption since representatives from Goldridge and the Twin Cities company failed to return messages on the matter.