This is the third part of a feature series focusing on the changing face of downtown Madison.
Because of the recent boom in popularity of individually-owned housing in the downtown Madison area, many new condominium complexes being built, such as the new Capitol West development, may also cause a boom in the rise of vacancies in rented apartments in the downtown area as well as on the University of Wisconsin campus.
The property currently being redeveloped for the proposed Capitol West complex is most commonly known as Block 51. It is three blocks from the Capitol Square and it encompasses the entire city block bordered by West Washington Ave., South Henry, West Main and Broom Streets.
According to Natalie Bock, Development Project Manager for Capitol West, the goal of the Alexander Company’s $110 million project is to create a vibrant and urban neighborhood with a diversity of housing types at varying price points.
There will be about 375 to 400 housing units, ranging in size from 650 square feet to 4,000 square feet. The estimated cost of living in these units will range between $120,000 and $800,000.
These condominiums hope to add a distinguished look to downtown Madison, but concern over development continues. It is important for the Urban Design Commission to consider neighborhood interest, according to Peter Ostlind, Chairperson of Bassett Neighborhood District of Capitol Neighborhood Association.
“You cannot expect to live in the city and not have high buildings,” Tom Miller, of the Alexander Company, said addressing the concern of urban sprawl. “The Alexander Company is doing our best however, to make our measurements so that we do not block these [lake] views.”
Aside from the residential concerns, support for this project is caught in the dust between development opportunity and local housing vacancies.
“Many downtown landlords are having trouble holding onto their renters because so many of them are moving into condominiums,” Ald. Mike Verveer, District 4, said. “Rents for these condominiums are finally stabilizing due to the tremendous competition and rising popularity.”
Verveer is a living example of one of the many who rented apartments for several years and only recently bought a condominium in the downtown area. Increasing condominium availability is cause of the largest rate of apartment vacancies that Madison has ever seen, according to the Wisconsin State Journal.
Many supporters involved in the Capitol West project do not feel apartment vacancies are relevant to this development.
“We are simply building what the market demands,” Bock said. “This is something that is going to be built over time to keep up with the rising popularity.”
In order to keep up with all of housing demands, UW is also doing its part by constructing two new public residence halls. The new residence halls, when completed on campus, are not expected to affect housing availability in Capitol West, according to Bock.
While there are a few students who live in these complexes, developments like Capitol West are anticipated to affect private housing instead of UW housing. Students living in private residence halls such as the Langdon or the Statesider generally pay more than public housing costs.
“There are some students who do live in my building,” Verveer said. “I think many parents are beginning to realize that downtown housing is a good investment to buy for their son or daughter while they are in school and then sell it.”