Former Riverlife partner issues statement on downtown property sale
Mike Frantz, a former developer for the Riverlife development, issued a statement to NewsChannel 7 today in response to reports of the purchase of the ABC Supply building on Fulton Street.
“I absolutely do not own any of ABC Wausau Properties LLC,” he explained to NewsChannel 7, regarding the company listed on the sale, for which he is listed as an agent. “I just helped them put together the deal.”
While his address is listed on the property records in Marathon County for the building, he says he does not own the property, and that the building is not one of his assets.
“I continue to help the investor groups to manage the property” going forward, he said, describing his role as a consultant to ABC Wausau Properties.
Regarding the ownership of the company, he says the LLC is owned by investors who prefer to remain anonymous at this time.
Frantz says it will be a couple of years before they determine what the future for the property looks like, and that most of the options are currently under non-disclosure agreements. “We do have some ideas on what we might do; nothing is off the table at this point.”
As NewsChannel 7 reported Tuesday, the property was purchased from Hendricks Commercial Properties for $2.283 million on May 14 by ABC Wausau Properties LLC with Frantz listed as the agent, according to Marathon County land records.
The building is just across the street from the development project that has plagued the city’s east river front, where Frantz’s $80 million plan was chosen as the first developer on a storyline that would eventually saddle the city with more than $2 million in unpaid contractor bills and a developer with a history of fraud.
To see Tuesday's story, click