River's Edge Holdings, LLC, which consists of Robb Majeski, Peter Hoeft and Scott Kramer, is developing a 36-acre parcel located on the northeast quadrant of the River Prairie Development in the City of Altoona. The group, which is purchasing the property for $994,500, agreed to a seven-year loan with a five percent interest rate in exchange for the city's willingness to finance the land acquisition.
According to Majeski, the utilities and roadways are being installed throughout the month of October.
"We're looking at having everything done by the middle part of October. We are getting a lot of interest in residential lots and we're looking at three to five lot closings for residential yet this fall. We are pretty sure we will have one of homes in next spring's Parade of Homes," said Majeski, who added, "We are negotiating with a convenience store and we have a nice-sized office user...however the agreements have not been finalized".
The southwest and northwest quadrants are being developed by WCRE, a LaCrosse-based real estate group consisting of Chris Weiss of LaCrosse, Casey Weiss of St.Paul and Maria (Weiss) Peterson of LaCrosse. The company will pay $375,000 of the $5.3 million to the city yet this year. The remaining payments will be spread out over an 11-year period. The city will reimburse WCRE up to $3.2 million for infrastructure improvements. RCU is financing the deal.
Haas Sons of Thorp is the general contractor for the River's Edge Holding project.