WOZ finalizes purchase of Wausau Center Mall
The Wausau Opportunity Zone, Inc. finalized the purchase of the Wausau Center Mall from Rialto Capital Management on Tuesday.
The purchase was funded by the Dwight and Linda Davis Foundation and the Judd S. Alexander Foundation, in partnership with the City of Wausau.
After the building went on the market, bids for the building were submitted from private investors around the country. WOZ was the only local organization to submit a bid for $3 million and they were selected. City officials previously said local ownership was vital to the mall's success. The proposal was approved in October after the city agreed to finance a $1 million forgivable loan.
The acquisition did not include HOM Furniture, or the two parking ramps.
According to a news release, under WOZ ownership and management by Mid-America Real Estate, the Wausau Center Mall will continue normal operations, serving current tenants.
In the near future, WOZ, in collaboration with community stakeholders, would seek to develop a comprehensive plan to reposition the Wausau Center Mall property to support the quality of life and long-term economic benefit of the taxpayers of the City of Wausau by maintaining an attractive and vibrant downtown.
WOZ has selected Chuck Ghidorzi to act as managing director, leading the planning process for redevelopment of the property.
WOZ, which is funded by the Judd S Alexander Foundation and Dwight and Linda Davis Foundation was only created to purchase the property.