The development of a new 12-story apartment complex has been proposed as part of redeveloping downtown Madison’s rental housing.

Ald. Mike Verveer, District 4, said the apartment complex would be located on the 200 block of North Broom Street and the 400 blocks of West Dayton and West Johnson streets and would be tailored to students, as well as young professionals who may be recent graduates of the University of Wisconsin.

Verveer said the proposed apartment complex from the Broom Street view would be four stories high and would gradually step back to six stories high. From the view on Johnson Street, the apartment would be 12 stories high, consistent with other apartments in the area, such as Palisades and Equinox, he said.

Three properties currently owned by the developer of the proposed apartment building would need to be demolished in order to build the new complex, Verveer said.

The properties are currently owned by Dayton Square and are located at 424 W. Dayton St., 415 W. Johnson St. and 226 N. Broom St., he said.

Verveer said he would be pleased with the development of a new apartment complex in the district, adding the proposed project aligns itself with the city’s redevelopment plan, which recommends renovating that particular area.

“This provides a great opportunity,” Verveer said. “There is a huge demand for additional housing downtown.”

Ald. Scott Resnick, District 8, also said he is pleased with the vision the developer of the project has for the new apartment complex. He said he believes it will enhance the surrounding area.

“I think the installation of the apartment building is a great development for the neighborhood,” Resnick said.

Verveer said the new apartment complex is necessary because it would replace existing complexes that are in poor condition. He said the current apartments are dated and “worn down.”

He said he will make an effort to ensure the new complex is properly managed and well kept, adding the current Dayton Square apartments are poorly maintained.

“The apartments on both Dayton Street and Johnson Street have trash in the parking lots,” Verveer said. “The dumpsters are overflowing.”

Verveer said while it will be nice to have brand-new apartments in the area, he recognizes affordability for students may be an issue.

He said the current Dayton Square Apartments are relatively affordable in comparison to newly-built high-rises in the area, so he expects current tenants will be frustrated with being unable to re-sign their leases for next year.

Verveer said even though some may be upset by the development of the apartment complex, there have been market research studies conducted by the developer that show high demand for new housing in the area by both students and non-students.

He said neighborhood meetings will be conducted in mid-December to discuss the project in further detail. Numerous city committees and City Council will also conduct a series of meetings to review the proposal as well as discuss the project’s development, he added.

If the project is formally approved, construction could begin in mid-August 2013 and would be completed and livable by mid-August 2014.