The city of Stevens Point’s Community Development Authority CDA) opened proposals for the sale and renovation of Edgewater Manor, 1450 Water St., Friday, April 19.
The CDA received proposals from three potential developers which it will consider at its next meeting, tentatively scheduled for Tuesday, May 7. The CDA reserved the right to reject all proposals, and will also need approval from the city’s Common Council in order to sell the building.
The proposals are from the Seramur Family Limited Partnership, KJM Properties LLC, and Affordable Senior Housing of Central Wisconsin Inc., and have respective net purchase prices of $500,000, $525,000, and $1.555 million.
“There are a variety of different variables that are different with each of them, so it’s not just about a purchase price as it is potentially about investment versus what the final use would be,” said Mayor Andrew Halverson, CDA Board chair. “It’s not as cut and dried as ‘Well, this amount is better than x or y.’ We have to really get into the those (proposals) to decide if there are any plusses or minuses within them that potentially could trump any plusses or minuses from a different offer.”