By Joe Bachman
Editor

STEVENS POINT — Officials moved closer to finalizing construction of a new senior living apartment complex.

Proposed by General Capital Acquisitions LLC, the Berkshire Project complex would sit on the corner of Water and Third Streets, close by Edgewater Manor. In total, the building will consist of 88 units as a mixed-use property. The first floor will consist of non-residential use, as well as for covered parking.

The complex will contain approximately 106 bedrooms, (70 1BR and 18 2BR) and anticipates completion no later than March 2021. The locations will be at 1443 and 1447 Water St.

The city will have obligations, according to the agreement. This includes providing a $2 million tax incentive through creating a new Tax Incremental Financing District. (TIF) The developer will have to meet minimum requirements of the value of the development no less than $6,350,000. If the value comes out to less, the developer will pay a differential sum above the tax amount equal to the value.

This will see a final vote in common council before ultimate approval.