A $400,000 purchase agreement for the former Dunham/Stage store in downtown Stevens Point that would have seen the property sold to Madison-based to Sara Investment Real Estate has fallen through.
The city and Community Development Authority (CDA) approved the purchase agreement in October, with an initial closing date of Nov. 1. City officials announced this week that Sara backed out of the agreement Nov. 6.
“They decided to move in a different direction,” said Mayor Andrew Halverson, who also chairs the CDA Board. “They were great and I hope at some point we have a chance to work with them in the future.”
Traci Dalsin, a vice president at Sara Investments who worked on the deal, said her firm never actually signed the purchase agreement, after realizing they couldn’t give the project the attention it required.
“With the number of things we had in the pipeline, the timing of this project just wasn’t working out,” she said. She said they would “absolutely” consider doing a project here in the future if things worked out.
Halverson said the city has found another developer willing to assume the property under terms similar to the previous deal, including the $400,000 purchase price. He did not disclose the name of the new developer. He said the new project will come through Plan Commission and CDA meetings in January.