(Beaver Dam) For the first time we are learning the specifics about plans in the works for the old Lakeview Hospital property on Beaver Dam’s lakefront. High-end condominiums are targeted on three parcels which, in addition to the La Crosse Street hospital, also includes the recently-demolished Executive Apartment site on Third Street and a privately-owned neighboring house that connects both properties. Mayor Becky Glewen says the effort has been over a year in the making. She calls it a “huge win for the community.”
The city’s Plan Commission and Community Development Committee on Tuesday afternoon approved purchase and development agreements related to the sale. If approved by the common council on Monday, Beaver Dam would purchase the old hospital parcel from the Beaver Dam Community Hospital for $225-thousand dollars. The city would then spend another $1.2-million to raze the structure. The costs are expected to be paid for with revenue generated by the establishment of a new lakefront Tax Increment Finance District.The condos are expected to add at least $4-million dollars to the tax rolls.
City Finance Director John Somers says a site assessment grant obtained by the Beaver Dam Community Hospital to determine environmental remediation needs found no underground contaminants. Somers says the property is not on the Department of Natural Resources radar of contaminated sites. He says asbestos is the primary concern but when the city ultimately transfers ownership to the developer it will be a clean site.
The purchase agreement for the former apartment site was also approved Tuesday. The city council agreed earlier this month to buy the parcel for one dollar and is now selling the property to JCW Development LLC for one dollar plus outstanding property taxes and related expenses totaling roughly $20-thousand dollars. The city council on Monday is expected to approve both the apartment property sale and the hospital purchase and related developer’s agreement. JCW Development is a company owned by Beaver Dam-based WDS Construction and once finalized would have ownership over three parcels: the hospital, apartment and house. Earlier this month, the common council approved the hiring of MSA Professional Services to begin the process of establishing TIF #9 around the hospital.
Listen to Mayor Glewen discuss the plan here: