STEVENS POINT – The Stevens Point Area Convention & Visitors Bureau and Mid-State Technical College are looking into the potential of a workforce development and convention facility in downtown Stevens Point.
Last week, the city’s Finance Committee agreed to work with Mid-State and the Convention & Visitors Bureau to fund a study for a downtown convention facility, and voted to work with Hunden Partners, a Chicago-based real estate development advisory firm, to perform a financial feasibility and economic impact study. The committee’s decisions now move to the Common Council to discuss at 7 p.m. Monday.
Funding this study is projected to cost $75,000, with $20,000 coming from the Convention & Visitors Bureau, $20,000 from Mid-State and the remaining $35,000 funded by the city through tax increment financing.
The first step in the project will be to determine if it is economically feasible, if there is a community need and what it could look like before diving further into plans. The group is looking at the Great Lakes Student Loans building downtown.
What happened to Great Lakes Student Loans?
In the Oct. 9 Finance Committee meeting, Ryan Kernosky, the city’s community development director, said the city owns the building at 1101 Centerpoint Drive and had a long-term lease with Great Lakes Student Loans. According to previous Stevens Point Journal reporting, that 10-year lease started 2013. During the pandemic, Great Lakes learned there was no need to continue using a physical office. According to city documents, the business will let the lease expire and leave the space Nov. 8.
Great Lakes Student Loans also transferred its entire portfolio of federal student loans to Nelnet in 2022 and 2023. The two loan servicers had been part of the same company since 2018. According to Nelnet’s website, Great Lakes Student Loans is no longer a student loan provider.
What led to this plan?
In the early 2010s, the downtown area began changing as CenterPoint MarketPlace closed and was demolished to make room for other projects like Mid-State Technical College, Cobblestone Hotel & Suites and what is now Great Lakes Student Loans.
Early last year, Stevens Point adopted a strategic plan called “People are The Point.” According to city documents, the plan recommends the city “create opportunities for entertainment and recreational destinations, foster activity centers, support attractive public and private spaces and amenities, build upon local and regional tourism efforts and create new activity areas.”
As a result, city staff and leaders looked into options and started talking to the Convention & Visitors Bureau and Mid-State about local and regional needs. According to city documents, those conversations led to a potential convention center that focuses on Stevens Point tourism, promotes growth of educational partners and supports the city’s capacity to hold events without affecting other businesses in the private sector. A convention facility could host conferences, larger events like the winter farmers market and support the expansion of other free public programs.
If the study determines the facility is feasible, the project would include the city, Mid-State and the Convention & Visitors Bureau working collaboratively.
What will the study look at?
According to information provided to the city by Hunden Partners, the firm will research a market demand, financial feasibility, and what the economic impact would be of a conference and convention center that would repurpose a vacant city-owned building, accommodating about 150 to 300 people per event.
As part of the study, the firm will determine what meeting planners want and need in order to host trainings, meetings and other events in Stevens Point and what hotel accommodations are needed to meet market demand and existing gaps. The firm will also find opportunities that exist in a partnership and collaboration between the city, Mid-State and the Convention & Visitors Bureau. It will also look at downtown parking needs and other related questions, according to city documents.
In addition to the market analysis, Hunden Partners plans to work with Convergence Design to determine the most efficient layout and cost for such a facility. That information will help the firm to better estimate the costs and feasibility of the whole project.
More local development news:City leaders aim to buy former Shopko building in downtown Stevens Point and redevelop property
Stevens Point Streetwise:Wendy’s has set a tentative opening date for its new Plover restaurant
Contact Caitlin at cshuda@gannett.com or follow her on Twitter @CaitlinShuda.
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