(Erik Pfantz, Marshfield News-Herald) Marshfield residents recently got their first look at a redevelopment concept to change the Weinbrenner Shoe Co. factory into residences in Marshfield’s downtown.
According to Erik Pfantz with the Marshfield News-Herald, representatives from developer J. Jeffers and Co. presented to a joint meeting of the Common Council and Community Development Authority an early framework for redeveloping the industrial facility, which spans nearly an entire block on the south side of the 300 block of West Second Street.
Joe Dunne, vice president of development for J. Jeffers described features of the development including the historic nature of the building and the nearby Upham House Historic District, proximity to Central Avenue, Second Street and the Steve Miller Recreation Area, and other planned quality of life amenities included in the development.
The Common Council chose the Milwaukee-based development firm in February from a pool of four qualified applicants who had submitted proposals for redeveloping the city-owned property. The initial concept proposed by Jeffers features 83 residential-only units ranging between one- and three-bedrooms.
To qualify for affordable housing tax credits, the units will be affordable to households near 60% of Wood County’s “average median income.” The county’s median income was estimated to be $67,068 for single-resident households in 2023 by the Federal Reserve Bank of St. Louis.
An individual making 60% of Wood County’s average median income would make about $39,000. For two- to six-member households these numbers are estimated as follows: two: $44,580, three: $50,160, four: $55,680, five: $60,180, six: $64,620.
Households made up of between one and five members are expected to rent the renovated Weinbrenner factory units. For each member of a household, the income threshold to qualify for affordable housing increases.
The range of household incomes the units will be marketed to are between $31,714 and $56,160 per year, according to Jeffers’ presentation. Based on current estimates, the number of units and their rental rates would be as follows:
- 34 one-bedroom units at $890 per month
- 46 two-bedroom units at $1,065 per month
- Three three-bedroom units at $1,224 per month
A few of the common Marshfield-area jobs that earn wages in these income ranges include administrative associates, office coordinators, streets equipment operators, educational instruction, library occupations, and health care support occupations, according to Dunne.
City staff are still working with J. Jeffers staff on the concept for the property. No city funds are committed in a development agreement yet but the city is expected to make several significant contributions to help get the project to completion.
It is likely that some mechanism of tax incremental financing will be used to help fund the project. A recent change to the Wisconsin TIF law allows municipalities to extend a TIF district one year if it uses the collected increment funds on affordable housing.
If the council pursues market-rate units, further TIF incentives would be needed to fund the project, according to Dunne. The city will also likely transfer ownership of the property to J. Jeffers at low to no cost and will pay various fees for applying for grants and other work to get the site prepared for redevelopment, according to discussion amongst council members during the meeting.
City staff will continue to work on the project concept with the goal of finalizing a development agreement before the end of the summer, according to Dunne. The Common Council will need to approve an exclusive right to negotiate with J. Jeffers in upcoming weeks and the development agreement within the next few months in order to sustain the current project timeline.
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