Madison, Wis., has continued to bustle with commercial construction projects and 2015 saw the finalization of plans for some big ones. Mixed use projects and apartments are leading the way.
In February, the state announced it had selected a group of companies to redevelop the Hill Farms site, which will become the largest state-owned office building.
The $179 million project was awarded to Gilbane, which has an office in Milwaukee; C.D. Smith of Fond du Lac; HGA of Minneapolis; and SmithGroup JJR of Detroit. The project, according to the Wisconsin State Journal, will involve designing and constructing a 600,000-square-foot building on the 21-acre site at 4802 Sheboygan Ave. The new building will replace a 400,000-square-foot state office building that was built in 1958.
In 2015, David Haug of Lighthouse CRE helped secure a retail lease at 101 King St. for Lucille, a wood-fired pizza, craft-brew restaurant and bar. The project encompasses 7,522 square feet and will include a new facade, new windows, mezzanine reconfiguration and use of a former bank vault in the basement.
Also in 2015, Urban Land Interests of Madison finalized its AnchorBank redevelopment plan on West Main and South Carroll streets. The $99 million project involves redeveloping 186,000 square feet of office space, 100 apartments, 43,000 square feet of retail space and 548 underground parking spaces.
In November, Wangard Partners Inc. of Milwaukee announced its $19.58 million purchase the 158-unit, five-building Glacier Valley Apartments at Reston Heights, 6845 Littlemore Drive.
In December 2015, Lighthouse CRE’s Kevin Visel and Andrew Schmidt of Alexandre RE Services helped broker a deal for the Goodman Center to purchase the former Madison Brass Works building at 214 Waubesa St.
The 14,000-square-foot building has been empty since 2014, when the foundry equipment was auctioned off. But the building was a harder sell because of a lack of parking, the high cost of renovation, environmental concerns and difficulty in deciding how to use the space. Two offers on the property fell through before the Goodman Center, 149 Waubesa St., purchased it for $450,000.
These projects are helping Madison continue to be a vibrant and attractive community. If you want to learn more about investing in this great city, let us know!
