Altoona sells River Prairie land for development
The Altoona City Council late last week approved contracts with two developers for the sale and future development of a major portion of the 116-acre River Prairie project.
LaCrosse,WI-based Weiss Commercial Real Estate (WCRE) is purchasing the portion of the River Prairie development that is located west of U.S. Highway 53 (except 10 acres in the southwest quadrant) for $5.3 million, with payments sperad out over 11 years. The city will also reimburse WCRE for up to $3.2 million in infrastructure improvements.
River's Edge Holdings,LLC, which consists of Robb Majeski, Peter Hoeft and Scott Kramer, will develop a 36-acre parcel on the project's east side for single-family homes, a community park and possibly some office buildings. River's Edge is purchasing the property for $994,500, with payments to be based on its development and the sale of lots. In exchange for the city's willingness to finance the land, River's Edge Holdings agreed to a seven-year loan with a five percent interest rate. According to the agreement, the first two years are interest-free.
"After Goldridge Group backed out of its development agreement, the developers reorganized. It is basically the same people, but just in a different form," said City of Altoona Administrator Mike Golat, who added that the land sale will allow the municipality to cover its impending budget deficit.
WCRE, which includes Chris Weiss of LaCrosse, Casey Weiss of St. Paul,MN, and Maria (Weiss) Peterson of LaCrosse, secured financing through RCU. The company will pay $375,000 this year towards its land acquisition. TBL