University Square may boast a grocery store by sometime late December.

Called Fresh Madison Market, the 18,000 square-foot store will be a relatively small, yet full-service grocery store offering all the typical grocery departments, according to developer Jeff Maurer.

The $3 million store will be located at University Avenue and Lake Street, the northeast corner of University Square.

“We hope this will be a healthy alternative — another option in providing [students] a variety of options for their meals and snacks,” Maurer said.

Maurer said he anticipates half of the store’s patrons to be students, with the other half comprised of other downtown residents.

The financing for the store has been approved, including a significant amount of private equity and some bank loans, Maurer added.

“We are ready to start,” Maurer said, adding construction will commence Sept. 28.

The new market will add 60 to 70 jobs, with 15 to 20 of them being full-time. Maurer added he hopes to attract college students into his workforce.

Ald. Bryon Eagon, District 8, whose district University Square lies in, said a grocery store in close proximity to a large number of students is an “exciting opportunity.”

“I think a store that targets students and has pre-made meals, fresh fruits and vegetables will be a welcome addition to the students that don’t have cars or don’t want to make the trek out to the grocery store,” Eagon said.

Eagon added he offered his help with the development on the city process level, especially relating to publicizing the grocery store.

This is not the first attempt at opening a grocery store at University Square. The Milwaukee-based company Roundy’s considered opening a store at the location in early 2008, but then backed out.

The Associated Students of Madison also pursued plans in 2007 to open a grocery store in the new Union South when setting their goals for the year. However, plans for the store were dropped and currently no plans exist for opening a grocery store in the new union, according to ASM Chair Tyler Junger.

According to Union South’s building project website, the design does include a market, offering convenience items such as pre-made sandwiches, salads, bottled beverages and school supplies.

University of Wisconsin sophomore Aziza Jones currently uses a car to go off campus for her grocery needs.

“There’s not really [a store] in walking distance,” said Jones, who lives in Lucky Apartments, located just above the new market.

UW sophomore Seth Palmer resides on Mifflin Street and said he also thinks there is a need for more grocery options for the campus community. Palmer uses Capitol Centre Market on Broom Street for his groceries.

“It would be nice to have [a store] a little bit closer to the kids in the dorms,” Palmer said, adding he would stop into the store on his way back from classes.