Concerns continue over Wausau riverfront developer - WAOW - Newsline 9, Wausau News, Weather, Sports

Concerns continue over Wausau riverfront developer

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WAUSAU (WAOW) -

Concerns continue over a developer involved in the Wausau riverfront project.

Quantum Ventures took over as the investor in the Wausau Riverlife Villages in early January. The project includes condos, apartments and retail space. 

However, over the last few months questions have mounted over the company's financial capabilities.

Early January, Michael Frantz, the President of the company, fielded questions about a failed project out of Green Bay.

Now, reports are surfacing out of a newspaper in Denver that Jason Sharkey, the founder of the company was charged with a securities fraud for his role in a real estate scam years ago.

City officials discussed the claims at the economic and development committee meeting Tuesday night.

"Obviously it is a concern of the city," said economic and development director Christian Schock. "We have not paid money out to Quantum Ventures or their team yet, they have made significant investments in the riverfront."

Leaders with Quantum Ventures will be at the city's finance committee meeting Mar. 13 to answer questions.

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