Edgewater Manor. (City-Times photo)

By Sara Marls

The City of Stevens Point has released an RFP (request for proposals) for the future possibilities of Edgewater Manor, leaving the city open to discuss options when proposals are due in October.

Edgewater Manor, 1450 Water Street, is an 81- unit apartment building catering to income- eligible seniors. The building is about 50 years old and is currently owed outright by the city after previous debt service was paid off just over a year ago. But now, city leaders say the building is in disrepair structurally and in need of updates inside the apartments- to the tune of just over $3 million.

The city last considered selling the building in 2013, when the building was 38 percent vacant and operating at a loss. The City Council turned down two offers on the property after heaving objection from the building’s tenants and other residents in the area, many of whom worried a new owner could alter the building’s setting away from senior living. Last November the city hired Candlewood Management to take over building maintenance and tenant management but vacancy rates have remained flat.

According to Community Development Director Michael Ostrowski nearly half of the 60 current tenants qualify for income vouchers to offset the $533 rent. Releasing an RFP, he said, was cost-neutral and could yield additional options not yet considered by the city. Comptroller-Treasurer Corey Ladick had presented options for financing the building on the city’s dime as well as possibly raising rent to pay for needed repairs. Ladick said if rents were raised by 1.5 percent, about $500,000 in revenue could be generated annually, depending on vacancy rates- enough to possibly pay for new debt on the building within 20 years.

Proposals for the building should be sent to the city’s Redevelopment Authority (RA) by October 1. City leaders say they’re looking for experienced developers with the financial capability to carry out the for the purchase and redevelopment of the property, though the RA Commission has the option to not accept any of the proposals submitted.  A copy of the RFP can be found here.