forging public and private partnerships to revitalize an historic river district
In 2005, the City of Wausau made TIF incentives available to prospective investors interested in developing a conference hotel in the city’s downtown. After struggling to attract the right kinds of partners, the city turned to IDM to gather a group of like-minded investors. IDM clearly defined the vision and developed an alliance of local businesses and individual investors who formed a community partnership to finance the condominium hotel’s development. By looking to the local community for capital, Jefferson Street Inn’s success directly benefited its neighbors in myriad ways and remains a valuable example of the potential of public/private partnerships in hotel development and urban renewal.
Jefferson Street Inn anchors the Third Street Lifestyle Center, Wausau’s premier shopping, dining, lodging, and business destination. The development brings together a delightful mix of locally owned boutiques, national retailers in Washington Square Mall, and a distinct collection of restaurants including Benvenuto’s City Grill. Wausau is popular for winter getaways due to its proximity to Rib Mountain State Park and Granite Peak Ski Area, and its location within the Third Street Lifestyle Center means its guests have access to an array of services and experiences without stepping outside.
