Fischer Development, the developers responsible for the demolition and salvage of the ballroom last December, announced Friday that the vertical construction of the new building was paused while the project designs and financials are refined.

Fischer Development said in a statement, “The decision to pause construction reflects broader trends in the national construction and lending environment.”

Fischer Development is concerned about tightening standards for commercial and construction lending. In addition, national costs remain elevated with an increase in material and building costs, with liability premiums rising.

“New Ulm deserves a lasting legacy building on this corner,” said Dain Fisher, Managing Director of Fisher Development. “That requires timing construction with market conditions that support quality, durability, and long-term affordability. We remain fully committed to this site and to deliver a project that New Ulm can be proud of when the numbers support sustainable development.”

Submitted architectural rendering of a residential redevelopment project planned at the former George’s Ballroom property at Center and German Street includes a 104-unit apartment building pictured from a northeast view. The proposed development is currently on pause by developers.

In May, Fisher Group had hoped to start the redevelopment project in September, but at the time had acknowledged there was uncertainty in the investment market.

The plan for the new building was to create a 104-unit Art Deco apartment building on the site. The project would incorporate design feedback gathered from the New Ulm Community. The top request from the public was to integrate the former George’s Ballroom sign. The sign was taken down before the full demolition of the building to be refurbished.

“It allows us to finalize design, tenant programs, and financing terms in alignment–so when we go vertical, we can deliver without compromising quality or long-term sustainability,” he said.

Fisher Development stated the company remains dedicated to honoring the legacy of George’s Ballroom through architectural details, storytelling elements and ongoing collaboration with the community.

“New Ulm has carried the story of George’s Ballroom for generations,” Fisher said, “Our

Though no construction will begin on the former George's Ballroom site this year, Fisher Development group is maintaining the grounds and hydroseeding to prevent erosion.

responsibility is to transform that story into a building that lasts–one that reflects both the spirit of the past and the strength of New Ulm’s future.”

Though no construction will begin on the site this year, the Fisher Development is continuing to hydroseed the lot to prevent erosion and maintain general curb appeal.