The Biggest Commercial Real Estate Projects of 2017
The Biggest Commercial Real Estate Projects of 2017 in the Madison, WI area are highlighted below. Madison’s commercial real estate market is enjoying an extended period of growth and this year was no exception. As a result, cranes are in the air everywhere. Businesses large and small are booming. The largest employers such as American Family Insurance and Epic continue to grow. The tech boom and entrepreneurial spirit is flourishing with many new startups hitting the scene. New housing, especially apartments, continue to dominate new construction. Here are just a few of the highlights from the past year.
Commercial Real Estate 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.
Commercial Real Estate Projects: No. 2
Next, we have the 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. The buildings are an amazing blend of bricks and glass. You can’t miss them as you drive into Madison along University Avenue.
Commercial Real Estate Projects: No. 3
Perhaps the most anticipated CRE project in Madison is the 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.
Commercial Real Estate Project: No. 4
As we move along, it is always nice to see an urban infill redevelopment. 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.
Commercial Real Estate Projects: No. 5
Continuing on, the next project involves a company holding tremendous promise. Rumors have abounded for years where they would end up. 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 to expand their processing capabilities to 4.5 million tests per year.
Commercial Real Estate Projects: No. 6
Finally, the biggest commercial real estate story of the year in all of Wisconsin 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. With the expectation of up to 13,000 jobs to be created, this commercial real estate project is one of the largest business development successes in the history of the state. If you own a smartphone or tablet, there is a very good chance that Foxconn made that screen. There seems to be now end in sight for our constant demand for gadgets. Being a high tech manufacturer, the jobs should provide great economic opportunities for families.
What were some of the other big deals of 2017? Let us know in the comments below!
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