The Stoughton City Council last week approved a six-month memorandum of understanding with The Alexander Co. to negotiate a riverfront development agreement, The Stoughton Courier Hub reports. The news comes months after the expiration of a possible deal with developer Curt Brink.
The agreement, which will expire April 30, 2025, concerns a roughly 10.5-acre area of vacant land downtown along the Yahara River. Stoughton’s Redevelopment Authority selected The Alexander Co. with the hope that, following due diligence, the developer will ultimately commit to a developer agreement to construct multiunit apartments. The project agreement would likely include tax incremental financing.
