Livesey puts project on hold

Citing financial infeasibility, the Livesey Co. has pulled from consideration a phase I proposal to redevelop property near West Towne Mall, according to the Wisconsin State Journal.

The five-stage project, known as West Place, would have begun with a $60 million first phase including 104 apartments, retail space, and offices at Mineral Point and Gammon roads. The company, which will scale down the plan, indicated that construction costs would have exceeded what market rents would support and that retail components could not compete with West Towne.

The initial phase I plan would have required $8 million in tax incremental financing, but it’s not yet known how much TIF money would be needed for a retooled proposal.