A recent proposal for a high-rise development in downtown Madison has garnered support from the mayor and other city officials.

Hovde Properties has proposed the idea to build a 14-story mixed-use development near State Street which may include renovations to the nearby Madison Fire Department administrative building and Fire Station No. 1.

Mayor Paul Soglin said the prospect is a very exciting potential addition to the downtown area.

“[Hovde Properties has] come in with this proposal, and we find it very interesting and very dynamic,” Soglin said. “It’s something I’d like to do; it’s a good idea, and it enhances the use of the land.”

Hovde President Michael Slavish said the plans include demolishing three buildings the company currently owns on West Johnson Street and Dayton Street to create a development that would house 300 residential units with between 8,000 and 12,000 square feet of retail space available on the first floor.

Slavish added an on-site 450-space parking garage would be included underneath the development. Parking would accommodate both residents of the development and the fire department.

The housing would be targeted to working professionals rather than students, Slavish said.

Ald. Mike Verveer, District 4, said Hovde Properties conducted a market study that found an insufficient supply of quality apartments in the downtown Madison area for working professionals. He added this may be a driving factor in Hovde’s development proposal.

“It is quite a market to be tapped,” Verveer said.

Potential plans to include the fire department in the development are currently being discussed. According to Verveer, one such plan calls for fire department administrative offices, dormitory rooms for firefighters and the fire station itself to be located on several levels of the development.

Slavish said Hovde’s preferred the development begin construction later this year, with completion scheduled for the spring of 2014. The biggest obstacle, he added, would be cost considerations.

Soglin said the cost of the development, including fire department space, is a “critical factor” for the continuance of the project. He added city officials are working to obtain and analyze cost estimates, and no city committees are scheduled to discuss the project at this time.

Slavish added he was optimistic about the future of the development.

“Assuming we can make sense of this financially for us and for the city, and we can incorporate a design that meets their needs, and it can be done in a sensible time frame, … we think we can do that; we think we can make it work,” Slavish said. “Ultimately, it’s about the delivery of the finished project in 2014. If we can meet that deadline, we think it would be great to incorporate [the fire department] as part of a larger community development.”

Slavish said the city would pay for fire department space and Hovde would fund the private resident and retail development.

According to Verveer, Hovde Properties and city officials are still in early discussions about the development, but there is a good chance the project will continue.

“The city is nowhere near close to working out a deal with the developers, but it is a conversation we would like to have, because it’s a once-in-a-lifetime opportunity to have a better land use for this downtown real estate,” Verveer said.