What were the big projects of 2017? Madison’s commercial real estate market is enjoying an extended period of growth and this year was no exception. Here are just a few of the highlights from the past year.
2017 Projects: No. 1
Riverfront redevelopment in Monona: In July, the city of Monona approved plans for Yahara Commons, the proposed redevelopment project along the Yahara River, which put construction on track to begin by the end of the year. The site is between West Broadway and Bridge Road along the Yahara River, south of Lake Monona. The project is expected to consist of 26,000 square feet of commercial space and 33,000 square feet of office space. Plans also include a public park and more than 230 residential units.
2017 Projects: No. 2
Hill Farms redevelopment: In August, Summit Smith Development unveiled their plans for the “Madison Yards at Hill Farms” development. The project, which is projected to cost hundreds of millions of dollars, will include apartments, offices, retail outlets, a hotel, restaurants, parking and an outdoor plaza.
2017 Projects: No. 3
Redevelopment of the former Oscar Mayer plant: In October, Reich Brothers Holdings LLC and Rabin Worldwide announced plans to purchase and redevelop the former Oscar Mayer plant in Madison. While plans for the property remain undecided, the new owners plan on mixed uses for the site.
2017 Projects: No. 4
Navitus Health Solutions headquarters: In October, the Madison Plan Commission approved several parts of a proposed project for the corner of South Gammon and Mineral Point roads. The project will consolidate the operations of the pharmacy benefits management company, Navitus Health Solutions, and its specialty pharmacy division, Lumicera. The first round of construction will consist of a five-story, 80,000-square-foot office building for Navitus. It also includes a two-story, 30,000-square-foot building for Lumicera and two retail buildings.
2017 Projects: No. 5
Exact Sciences lab, office expansions: In November, Exact Sciences began construction of a new lab at the site of the former Spectrum Brands Holdings. The biotechnology firm makes the Cologuard noninvasive stool DNA-based colon cancer screening test. Company officials say the increased space will allow them to hire an additional 250 people. The extra space also will allow them expand their processing capabilities to 4.5 million tests per year.
2017 Projects: No. 6
As for the state of Wisconsin, the biggest commercial real estate story of the year is the Foxconn project in Mount Pleasant. The company, which is the world’s largest contract electronics manufacturer, plans to build a 25-million-square-foot manufacturing complex. Officials expect construction to begin in 2018.
What were some of the other big deals of 2017? Let us know in the comments below!