[media-credit name=’DEREK MONTGOMERY/Herald Photo’ align=’alignnone’ width=’648′][/media-credit]The City Council approved the Equinox, a 12-story apartment building proposed for construction on the corner of West Gorham and North Broom streets, Tuesday night. It is the first student-housing rental unit covered by the city’s Inclusionary Zoning Ordinance.

Ald. Mike Verveer, District 4, said this building is also the first inclusionary zoning project in his district and it will be interesting to see how the ordinance works out.

“This really is the guinea pig of inclusionary zoning as it relates to student projects,” Verveer said. “It will continue, in my estimation, the excellent trends of stabilizing rents downtown.”

Verveer said although rents downtown may not necessarily be cheap, they are stabilizing — if not decreasing — for students.

Ald. Austin King, District 8, said he believes this apartment building is a phenomenal project for the downtown area. The building, containing approximately 115 units, is the most architecturally unique and significant building compared to recently constructed apartment complexes.

“A lot of students are not dependent on mom and dad and need affordable housing,” King said. “I’m excited we’re going to have some IZ units downtown, and I look forward to seeing this in the skyline.”

The upper three stories of the Equinox will be set back from the rest of the building and will be made of glass, giving the effect that it is a nine-story building, Verveer said. The apartment building will be very dense, with 329 bedrooms. Apartments will range from efficiencies to four-bedroom units.

The apartment building will offer 78 underground parking stalls, private balconies and a terrace area for tables and chairs for use during the summer months.

Five houses currently exist on the future location of the apartment building and will need to be destroyed or relocated. The homes — 409, 411, 417, 419 and 421 W. Gorham St. — were built between 1889 and 1902, and students currently occupy the buildings. According to Verveer, at least two of the homes will be preserved and moved to a new location.

The City Council also approved the addition of 27 public-parking spaces to the Capitol Square. Susan Schmitz, president of Downtown Madison, Inc., said she thanks the mayor for understanding the importance of a congested downtown environment.

Mayor Dave Cieslewicz said the decision took more than a year and a half to complete but was worth the time and effort.

“The result is going to be a much more vibrant Capitol Square,” Cieslewicz said. “If this provides [less] congestion on Capitol Square, then it’s a good thing for the downtown.”

Verveer said it will make a big difference for downtown business owners and customers to be able to find a parking space on the same block as a restaurant or store is located.

“It may not seem like a lot of parking stalls, but there isn’t enough convenient, accessibly inexpensive parking available,” Verveer said.

According to Verveer, the availability of parking spaces will encourage much-needed diversity among businesses on Capitol Square, which is now home to many financial institutions.

“An effort like this will encourage businesses like Capitol Kids — more retail-oriented — to come to the Capitol Square,” Verveer said.

The proposal for the Mid-State Street Parking Ramp, which will include retail space and condominiums in the Buckeye Lot near Pizzeria Uno and underground parking beneath Lisa Link Peace Park, was approved.

Ald. Warren Onken, District 3, said he believes research needs to be done as quickly as possible to find funds for the project.

“The key here is not that we don’t want to do the parking ramp and residential development — it’s a great idea,” Onken said. “But the question is how are we going to finance it?”