UPDATED Thursday, April 4, 2013 --- 11:25pm
According to Alder Bridget Maniaci
The City Staff has put forth a recommendation to build the Gebhardt project for the plot on East Washington street. A final decision has not been made yet. The City's final decision will be made next Tuesday. Final numbers on the three options will be released tomorrow.
Thursday, April 4, 2013--5:30p.m.
MADISON--"The residents are very excited, this has been very much an underutilized property for many years," said Alder Bridget Maniaci, describing the 800 block of East Washington Avenue. "With the car dealership moving out to a different location in the city there was really a call for action to really see a higher and better use for that land."
The city's now considering three development proposals for the site. "We're working hard to turn it around so that not just the residents of my neighborhood see a benefit," said Alder Maniaci. "But really residents all over the city when it comes to seeing much better and high increases in taxes and revenue coming in from this property."
The projects range in cost from $50-75 million dollars and all contain some combination of housing, commercial and retail spaces. "We will be making a recommendation to the council for the council to accept and work on negotiating with the group and entities that are chosen," said Alder Maniaci.
"Once the financial agreement is approved then the applicant will be preparing their plans and going through the development review process," said Steven Cover, the director for the city's Dept. of Planning and Community and Economic Development.
Cover said they're looking at a construction start up of late this year or spring next year with a completion date probably in 2015.
He said they're hoping this project will act as a catalyst for the East Washington corridor. "We're already starting to see a lot of new energy and interest in properties along East Washington," he said. "But this project will really I think spark everything that's going to be taking place in the future."