City officials approve student housing complex at former Kmart site
By Joe Bachman
STEVENS POINT — City officials have given the final nod to a student housing complex at the site of the former Kmart.
Located at 111 Division St., the area is located in a tax increment district meant for developmental use. The city will partner with K/M Stevens Point, LLC out of Winnetka, Ill. for development of the complex, which includes reimbursed project expenses to be paid through TIF funds.
In total, two apartment buildings will be constructed, containing a total of 133 units and 421 beds, ranging from two bedrooms to four bedrooms. This will also include retail development space totaling approximately 16,000 sq. feet, as well as a courtyard in the center of the complexes.
By the Numbers:
-Sq. Footage Per Building — 17,905 sq. feet
-Sq. Footage for Strip Center — 16,000 sq. feet
-Total Space: 51,810 sq. feet
-421 Beds Total
-94 Spaces for Bicycle Parking
-214 Spaces for Vehicle Parking
In addition, the city will provide an economic development incentive to K/M Stevens Point LLC in the amount of $2,127,500, or the actual costs of developer’s reimbursable project expenses, whichever is less.
No discussion was furthered by council members, and the motion passed unanimously.