Council takes final steps in approving student housing at former Kmart site
By Joe Bachman
Multimedia Editor
STEVENS POINT — Council members have adopted an updated development agreement for the student housing project on the former Kmart site.
Updated plans call for approximately 440 beds with units ranging from two to four bedrooms. Construction of the first section of student housing units is referred to as “Phase I” in the agreement. The second phase will include the rest of the student housing units.
“Phase III” will be the construction of the commercial center which will comprise of up to three buildings totaling approximately 16,000 sq. feet.
According to developer, Stevens Point Student Housing, LLC, construction on the first phase will begin in August of this year. Completion of all units will come in August of 2020. Phase III is slated to wrap up by 2021.
As a part of the agreement, the developer will guarantee a minimal annual real estate tax payment of $157,518.00 and $270,133.00, respectively, over the first two years of the development. In return for their investment, the city has promised incentives to the developer for over $2 million dollars if all requirements are met in project completion.
New amended plans in May called for a larger development, complete with more beds in less units. According to plans laid out by building owner Marty Graff, the new plans will seek to create a more “intimate” feel to the property, located at the former Kmart site on Division Street and Maria Street.
While voting was almost unanimous District 9 Alderperson Polly Dalton spoke out and voted against the measure. Dalton stated that she has concerns about the viability of the project fitting in with the city’s stated goals and whether there is a need for student housing.
“The university should really take ownership of that [student housing] and it’s not in the city’s goal to sponsor it with financial incentives,” said Dalton. “I have concerns about this sort of development isolating young people and young professionals, rather than integrating them into our community.”
Voting for the project passed 10-1.
