Wausau Daily Herald
A Minnesota real estate development company is working to meet the needs and wishes of Wausau’s older residents.
St. Paul-based Real Estate Equities Development this morning was scheduled to break ground on a 72-unit retirement community for adults age 62 and older.
Construction of the four-story Village Cooperative of Wausau is expected to be completed by next summer. The housing complex will be built at 1508 Merrill ave. at the intersection of Highway U on Wausau’s northwest side.
“It’s a positive addition to the community,” side Deb Hadley, president of the Wausau City Council. “With the aging population, it’s probably lot a bad idea. It will do quite well.”
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The cooperative will offer one- and two-bedroom homes ranging in size from 870 to 1,560 square feet of living space. Each until will have its own laundry room, storage area and private balcony.
In addition, the Village Cooperative will offer community features including party rooms, living rooms and game rooms, a fitness center, an outdoor deck with barbecue grills, two guest suits, a woodworking shop, a landscaped courtyard and walking paths, and an underground heated garage.
“Our company started developing cooperative communities in 2004 because we saw the desire for this type of dynamic lifestyle.” said Keith Jans, president of development for Real Estate Equitites. “These communities give adults around the Midwest the option of hassle-free lifestyle in their home with the amenities they desire.”
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The Wausau complex will be Rest Estate Equities’ ninth such development and its fist in Wisconsin, according to the company’s website. It has five Village Cooperatives in Minnesota and three in Iowa.
A year ago, two local investors announced plans for a retirement community in Wausau’s east side that would include single-family homes, two-family condominiums and assisted-living units. The plan, however, is on hold at this time, Hadley said.
Real Estate Equities selected Ellis-Stone Construction Co. as the general contract for the Village Cooperative.