As construction sites pop-up around town, the City of Madison has welcomed several building proposals aimed at providing housing for students and young professionals.

West Washington Avenue: Mixed-Use Building

A new five-story mixed use building geared toward young people in Madison is in the early stages of planning for 425 W. Washington Ave. 

The proposal by developers Erik Minton and Dr. John Bonsett-Veal would involve tearing down an existing one-story commercial building and constructing a structure that would contain 50 residential apartments with one to two bedrooms and space for parking underground, according to Ald. Mike Verveer, District 4. 

The building would also have commercial space for the Bonsett-Veal’s optometrist office as well as a health club. 

Verveer said this proposal is one of many that have occurred in Madison in recent years, especially in the neighborhoods surrounding campus.

“This area has experienced a tremendous building boom over the last year or so,” Verveer said, “I would say this is not unique to Madison.”

As the recession begins to let up, Verveer said many cities are experiencing growth in building developments as developers are finally able to borrow money. He said the growing employment and low vacancy rates in Madison create a need for new apartment buildings designed to serve both students as well as young professionals, as the one proposed for East Washington Ave. will. 

A neighborhood meeting July 11 addressed the proposal for the mixed use building. Verveer said it was constructive and that the building is moving relatively quickly on its path to city approval.

The developers already submitted their formal application with the city and will meet with the Urban Design Commission on Aug. 7 to discuss the outside appearance of the building. City Council is scheduled to hear the proposal on Sept. 3. 

Broom Street: Apartment Complex

A new five-story apartment building proposal on the 300 block of Broom Street that would require the demolition of five homes on Broom Street and one on West Gorham Street saw its first community input session in a June neighborhood meeting.

The plans for the apartment complex include 80 to 85 studio apartments, multiple bedroom apartments and two levels of underground parking, according to Verveer. 

The proposal would also include the sale of a small portion of city owned land located at 405 W. Gorham St., Verveer said. 

Verveer said the developers of the proposal, as well as the one on 425 W. Washington Ave., came to the city early with their designs, which gives the neighborhood and city time to negotiate.

However, the project is still contingent on the sale of the city owned parcel of land, and Verveer said the city and the developers have yet to settle on a price.

This development has not begun the city approval process, and construction is not set until the summer of 2014. However, Verveer said he believes this proposal and the proposed mixed use building on West Washington Ave. will be approved by the city.

Ald. Ledell Zellers, District 2, said the apartment complex is an example of the steady growth of development occurring in the downtown area. 

“I don’t see that stopping anytime soon,” Zellers said. 

However, Zellers expressed concern she was not seeing a lot of affordable housing proposed for the area. 

Verveer said this building and other recent housing developments in Madison are “overall positive for students” because it generally provides more housing options for the demographic. 

He also said the number of new developments provides economic incentives for landlords to either stabilize or lower rent.

In the past, Verveer said record low vacancy rates have made it possible for landlords to offer higher rent.

“By adding literally over 1,000 new apartment units to the area over the last year, my hope is that rent will go stabilize maybe even be reduced  at least for the older buildings and houses for students,” Verveer said.