Fox Valley Developer to Build Townhouses, Apartment Complex on Lullabye Property in Stevens Point
According to the Stevens Point Journal, the City Council approved the next step in developing the former Lullabye Furniture Co. site, which would guarantee a $5.5 million return on taxpayer investment.
The council voted Monday to allow the Community Development Authority, the group that by state law handles city redevelopment, to acquire the property from the city. The CDA then would sell the land at 1017 Third St. to Fox Valley developer Grant Fisk for $1.
The deal would put a $10 million development on the property in two phases. The first phase would include building townhouses along Portage Street, followed by a second phase that would see a three-story apartment complex along Centerpoint Drive. Mayor Andrew Halverson said he thought construction would start next year.
SOURCE: Stevens Point Journal.
