MADISON, Wis. — The Madison Common Council is considering a proposal for a 13-story apartment building and parking ramp to replace the 60-year-old Lake Street half of the State Street parking ramp.
The project at 415 North Lake Street would build a 13-story building with the first six floors serving as public parking and the remaining top floors becoming a new student apartment building with around 200 units. The other half of the State Street ramp, with an entrance on Frances Street, would stay as it is.
“We have an older infrastructure that isn’t very exciting from an economic development or urban design perspective, but yet provides a very important function that being parking that close to State Street and the campus,” said Matt Mikolajewski, economic development director for the City of Madison. “But this really provides us with a great opportunity to maintain that public parking, but to do it in a way that is much more attractive and financially beneficial way for the city.”
The development would also include an interstate bus terminal, something downtown Madison doesn’t currently have.
“Unfortunately, it’s been many years since we’ve had a facility for those buses to use, and for passengers as they’re getting on and off the bus to have a place to do so that’s out of the weather,” said Mikolajewski. “Given that the city owns the property and that we would be partnering with a private developer on developing a site, it was really a great opportunity for us to also incorporate that bus facility within this development as well.”
The proposal also specifies that around 100 units in the apartment complex would be required to be offered at an affordable price, a welcome addition for many students who say they’ve had a tough time finding affordable housing near campus.
“The city has certainly made affordable housing a goal off of the community and the work that we do,” said Mikolajewski. “So when we issued the request for proposals to the private development community for the site, we were very interested in seeing proposals that would have some affordable housing.”
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