WATERFORD, Wis. – The Wisconsin Economic Development Corporation (WEDC) has awarded the Village of Waterford $250,000 through the Community Development Investment (CDI) grant program.
A press release says the grant will go towards the construction of what will become the Waterford Lofts, located at 506 E. Main Street.
The Waterford Lofts project is expected to consist of two buildings, each with retail and office space at street level, with condominium units on the upper two floors. The CDI grant helps finance the construction of the first building, which totals 28,200 square feet. The project is expected to attract new residents to Waterford and provide opportunities for new businesses to open up the town centre.
The new development will create a new property tax increase, which is valued at approximately $4.3 million. The Village has already secured an anchor commercial tenant – Community State Bank – with an additional 2,793 square feet still available.
SIGN UP TODAY: Get daily headlines, topical emails from FOX6 News
In total, the site totals 0.91 acres. Construction is expected to begin in the summer of 2022 and pre-sales of the 12 residential condominium units are already underway.
Construction of all retail, office and residential condo units is expected to be completed by the first half of 2023.