WAUSAU, Wis. (WSAW) -- Christian Schock, the economic development director for the city of Wausau said they encouraged Rialto Capital Management list the the Wausau Center Mall.
“The city has been clear in expressing to them that if they're not going to present a meaningful vision then they need to sell them mall,” Schock said.
He said while Rialto has owned the mall, they have not put forward a vision for it.
Rialto is a loan servicing agency company. The mall was turned over to the lender through the foreclosure process a couple of years ago.
He said the broker representing the property has been in discussions with potential buyers.
“We're aware of those discussions, we're pleased that they have finally moved it in that direction. And I think, you know, for the current tenants and businesses that are in the mall now, that's a positive step,” Schock explained.
Schock said when a lender owns a property, it's usually in a limbo kind of state.
“It’s not overly clear as to where the future will go. And the new owner undoubtedly will have their own vision for how the property,” he added.
Schock said there is no set sale price.
“I think that any potential buyer would look to stabilize a lot of the businesses that are in the mall now… work with those existing tenants. But they'll also want to examine what future redevelopment or diversification makes the best sense.”
Schock said mall trends show housing, hospitality and entertainment have been successful.
The city of Wausau still owns the Sears building and the land under the mall.