The Madison Plan Commission unanimously approved the construction of a five-story, 48-unit apartment building on 22 E. Dayton St. Monday.
The plan will not be officially implemented until next Tuesday when it will be up for approval by the full City Council.
Construction is expected to begin within two months of the official approval and will take between 10 and 14 months. The apartments should be completed and ready for leasing in summer 2008.
This project has been two years in the making, according to John Sutton, one of the architects contracted by Scott Lewis of CIM apartments in 2005 to start the project.
A mild controversy arose over the presence of two houses located in the proposed construction area. The first house, which has historical value, was moved down the block by Lewis, who worked in cooperation with the First United Methodist Church.
The remaining house, currently located on 22 E. Dayton St., will be demolished pending approval next week.
"It has no historical value," Sutton said.
To explain the lack of protest over the demolition, City Council President Mike Verveer, whose district includes the area of the proposed project, described the remaining house as "kind of a dump."
In order to ensure the project goes smoothly, Lewis and Sutton have been working with the neighborhood, First United Methodist and Verveer.
"This is a process that the whole community's been involved in," said Sutton.
The apartment building will be located in the middle of the block. It will feature 12 different types of apartments aimed at attracting a financially diverse range of clients while still being economically viable, Sutton said.
Given a close to zero percent vacancy for apartments in downtown Madison, Sutton expects the building is a financially sound investment. The entire Madison area is currently a hot spot for apartments, with the highest vacancy rates in the suburbs still less than 10 percent.
The First Community Methodist Church will also be expanding as part of a joint venture.
"I think that Lewis and the church essentially own the entire block," Verveer said.
While the apartments are meant to attract a diverse group of renters, Sutton said the housing would not necessarily be aimed at students.
"They are more 'pre-condo apartments,'" Sutton said.
