KAUKAUNA — Work on the Dreamville apartment project on the former Gustman’s site on Kaukauna’s north side remains stalled as the developer continues working to secure financing.
The project is delayed,” Mayor Tony Penterman told The Post-Crescent in a story published Friday. “We are expecting to get things back on track in February with a spring start.”
According to Penterman, work on the lot has stalled as the developer has struggled to secure funds to start construction.
Preliminary site work and environment remediation began on the project in November 2022, but since then, building costs and interest rates have increased, according to a news release from the city of Kaukauna.
Due to the rising costs of the project, the building underwent a series of value engineering changes to reduce costs, although the high quality finishings, façade and size of the project remain the same.
All value engineering was isolated to internal systems and not the aesthetic or quality of the building.
In March 2023, developers announced that Kaukauna’s Dreamville apartments will dedicate 75% of its units to workforce-rate housing after applying for a bond from the Public Finance Authority.
The $38 million project originally was going to be all market-rate units, but will now have 135 of its planned 180 units available to those making $55,000 or less.
The development will include two 5-story 90-unit apartments.
Apartments will range from studio size to 3-bedroom units. The complex will also include underground parking, as well as surface parking on-site, according to a news release from the city.
But as the uptown Kaukauna project has stalled, another apartment project has moved forward quickly.
Legacy Creekside Apartments has made substantial progress on construction of the first of five, three-story apartment buildings in Commerce Crossing on the city’s far north side, according to a news release from the city.
The first building is the largest of the five and will have 50 market-rate apartment units with associated parking garage and overflow parking.