MADISON, Wis. -- The Edgewater Hotel has been dubbed Madison's "Landmark on the Lake," but the historic spot on Lake Mendota might soon be in for a multimillion-dollar redevelopment.

The proposed project has Mayor Dave Cieslewicz's support, though the mayor said the redevelopment has many hurdles before it becomes a reality.

Developer Bob Dunn, who's president of Hammes Co., said the plan would change Madison's skyline. The $107 million development would add on to the historic hotel by building an 11-story neoclassical style addition to the hotel. It would add 120 rooms, a public stairway to the water and a rooftop terrace.

He also wants to restore the Arte Moderne style of the original Edgewater, which was built in 1948, and build a landscaped public plaza on top of the 1973 addition.

"I'm not sure there's a more important development site that we have in downtown Madison," said Dunn. "What we're hoping to accomplish is something that truly becomes a destination within the city."

Dunn said that he believes the terrace will be a prime attraction.

"The centerpiece of the project is the development of this public terrace that will allow the public to come down Wisconsin Avenue, across the terrace and come out literally to the edge of the building," he said.

Dunn said the development would generate 500 new jobs and add an annual $50 million in spending to the area.

"We believe that the payback to the city will be greatly in excess of any participation that we may ask the city to consider," said Dunn.

However, the plan is being met with some concern by several residents in the historic district who fear losing the beautiful view.

"We don't have problem with development, it's to stay within what everybody else has to do," said Gene Devitt, resident and chairman of the Mansion Hill Historical District.

Devitt said Dunn's plans violate the 50-foot height restriction in Mansion Hill.

"Right now, we have an ordinance that was agreed upon with the Edgewater that this lake view would be preserved," said Devitt.

Dunn said he plans to continue to work closely with neighbors like Devitt.

"One thing you learn in the real estate development business is there are no easy projects and there's always going to be a faction that doesn't agree with or support your plans and ideas," said Dunn.

Dunn said he is considering applying for tax increment financing, or TIF, support for the project and will submit a zoning application to the city in mid-July.

The project will have to go through several committees before going forward. If passed by the Common Council by fall, construction could start in early 2010 and be finished in two years.

A steering committee is meeting on Monday to examine the developers' plans. A large public meeting will be scheduled for a later date, officials said.

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