Madison developer Marty Rifken has made offers to property owners on the odd-numbered side of the 100 block of State Street in hopes of replacing the block with housing, retail space and underground parking.

The block, currently assessed at $5.4 million, highlights Madison’s architectural history and includes some of the city’s oldest buildings.

Ald. Tom Powell, District 5, said he is a little alarmed at Rivken’s bold proposal.

“The fact that Marty wants to buy is a little bit frightening,” Powell said. “I have a bit of trepidation because the 100 block is the flagship. It’s one of the oldest, most preserved parts of State Street.”

Powell and other City Council members are aware some improvements need to be made to the appearance of the Fairchild Street side of the block, since the future Overture Center will include a glass window facing it.

Powell, however, is skeptical of Rifken’s plans, because he believes Rifken may not preserve the historical essence of the block.

“Anything that happens has to have a strong mind toward preserving the building facades on the 100 block,” Powell said. “We want to keep that chunk of State Street alive.”

Ald. Mike Verveer, District 4, said Rifken’s plans are far from implementation.

“This is not happening anytime soon. He first talked to me about his plans last year … and he hasn’t gotten very far. He’s only got one building out of the several that he needs, so this is still a far ways off, if ever.”

Although his offers to the block’s nine property owners have been above assessed building values, he has only bought one building at 120 W. Mifflin St. According to city-assessor records, Rifken paid $380,000 for the building, $165,000 more than its assessed value.

Some property owners who are opposed to Rifken’s plans are convinced they will not sell no matter how generous an offer Rifken makes.

Gus Paraskevoulakos of 117 State St. and The Comedy Club, located at 119 State St., are both refusing Rifken’s offers.

“I built the place on my own. I built the place when there was nothing there. People said you’re making a big mistake. I worked hard. I survived. My place is not for sale,” Paraskevoulakos said, according to The Capital Times.

The 100 block of State Street includes three properties that have a city-landmark designation, which means their demolition would need to be approved by the Landmarks Commission. This further complicates the success of Rifken’s plans.

After a three-year debate, the City Council passed the State Street Redesign Plan in April, agreeing to evaluate the look and structure of bus shelters, design of bus-shelter benches and the use of anti-graffiti film to protect bus shelters from vandalism.