Woodman's to start construction soon in Altoona
Posted: July 11, 2014
Janesville,WI-based Woodman's Food Market Inc., which acquired a 40.25-acre parcel in the southwest quadrant of River Prairie in Altoona from Weiss Commercial Real Estate last September, will begin construction of a 240,000-square-foot grocery store and gas/convenience store operation on or about August 1st.
"Once we get all of the bids in, we plan to start construction right around August 1st. We are targeting to be completed by early fall of 2015," said Woodman's Vice President of Real Estate Brett Backus.
According to the agreement with the City of Altoona, Woodman's will guarantee an increment of $15 million in a newly-established Tax Incremental Finance (TIF) District to be in place by January 1, 2016. The City of Altoona will pay Woodman's up to $1.7 million for infrastructure improvements, including signals, ramp improvements and highway turn lanes.
"Everything is full steam ahead with the Woodman's project. The TIF was approved contingent on traffic improvements that were approved by the Wisconsin Department of Transportation. Our TIF calls for $15 million of development, but I think this project will exceed that amount," said City of Altoona Administrator Mike Golat.
Woodman's, which was established in 1921, has 14 stores in Wisconsin and Illinois. The new store in Altoona will employ approximately 200 people. The employee-owned company plans to open its 15th store in Waukesha,WI, this fall.
The grocery store in Altoona will include 150,000 square feet of retail space and about 90,000 square feet for warehousing. TBL