New downtown Waterford building construction; state awards $250K
WEDC
WATERFORD, Wis. - The Wisconsin Economic Development Corporation (WEDC) awarded the Village of Waterford $250,000 as part of the Community Development Investment (CDI) Grant program.
A news release says the grant will go towards construction of what will become the Waterford Lofts, located at 506 E. Main Street.
The Waterford Lofts project is planned to include two buildings, each with street-level retail and office, with housing condo units on the two upper floors. The CDI grant assists in financing the construction of the first building, which totals 28,200 sf. The project is expected to attract new residents to Waterford and provide an opportunity for new businesses to open downtown.
The new development will create a new property tax increment, which is valued at an estimated $4.3 million. The village has already secured an anchor commercial tenant – Community State Bank – with an additional 2,793 square feet still available.
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Altogether, the site totals 0.91 acres. Construction is expected to start summer 2022 with pre-sales of the 12 residential condo units already underway.
Construction of all retail, office, and residential condo units is expected to be complete by the first half of 2023.