(Beaver Dam) Four years in the making, the Beaver Dam Common Council Monday night signed-off on the developer’s agreement that will see the construction of high-end condominiums on the site of the former Lakeview Hospital. The old La Crosse Street structure and two adjacent properties – the former Executive Apartments and a nearby house – were demolished to make way for the eight-acre development which will include upscale stacked-flat condos, apartment buildings and single-family villas in a phased approach.
The estimated costs for construction is in excess of $66.1-million with an assessed value creation at $45.4 million. The project is being incentivized by the city with dollars from a Tax Increment Finance District. Beaver Dam Area Development Corporation Vice President Trent Campbell says there are a variety of safeguards in place for the city. The maximum developer reimbursement costs will not exceed $17.4-million, though Campbell estimates that number will likely be closer to $11-to-$12-million dollars.
Campbell says the city’s costs – including purchase of the hospital, demolition, cleanup and interest – totals $2.98-million. The projections see the city recouping $3.5-million, before the TIF is closed and the property is back on the tax rolls. Streets, roads and parks will be private and handled by the developer.