A multi-story, mixed-use development may be built near Camp Randall and open as early as summer 2017.

Costing between $9 and $11 million, the proposed development would be a five-story building at 1603 Monroe St. with both residential and commercial spaces, Gregg Shimanski, the developer behind the proposal, said.

On the ground floor, the building would feature commercial spaces for retail and/or office space. On the upper floors would be a combination of rental housing and owner-occupied condominiums, Shimanski said.

The housing would be marketed mainly to young professionals, though the state of the market would ultimately determine the building’s residents, Shimanski said. While the building does not have a definitive layout yet, Shimanski and the city are discussing estimates of 30 to 50 housing units depending on allocation of available space, Shimanski said.

The strain that the development could potentially put on both parking and traffic is a relevant concern, as the site of the development is adjacent to the busy triangular intersection of Monroe Street, South Breese Terrace and Crazylegs Lane,Ald. Sarah Eskrich, District 13, said.

Shimanski said they are taking those concerns into consideration and ample below-ground parking would be provided for residents, as well as public parking for visitors.

Architects working on the development will make sure there is one parking stall per apartment and two parking stalls per condominium, as well as 14 to 15 stalls of public parking to prevent additional strain on parking in the neighborhood, Shimanski said.

Beyond the issue of parking, the new development would benefit the surrounding community in several ways, Eskrich said.

For instance, the city levies special taxes called park impact fees on developers who build mixed-use developments, and the proceeds of these taxes go to the city’s parks fund. The Monroe Street development would bring in substantial government revenue, enabling the city to improve its parks, Eskrich said.

“In terms of city revenues, the impact almost immediately upon building the development could be very beneficial to the area,” Eskrich said. “Park impact fees levied on developers are a large, dedicated source of revenue for the city’s parks.”

Further, the development would facilitate increased commercial activity on Monroe Street, and would bring the city one step closer to eliminating the current housing shortage, Eskrich said.

The site of the development is where Shimanski’s realty firm, Gregg Shimanski Realty, Inc., has operated for the last 15 years in a circa-1960s office building. The objective of the proposal is to build something with greater developmental potential in the old office building’s place, Shimanski said.

“I live and work on Monroe Street and I’ve been here a long time,” Shimanski said. “I’m a big believer in Monroe Street, and I think this tired property has potential for development.”

Eskrich said replacing a nondescript and unassuming office building with a five-story mixed-use development could potentially cause problems, but it is difficult to know at this point how the development will impact traffic in the area.

“This intersection has been problematic for years; it’s an intersection where a lot of pretty busy roads come together,” Eskrich said. “But as for how a potential development would impact it, I don’t think I can say at this time.”

Rough estimates suggest construction could begin in early fall 2016 and be completed and open for business by summer of 2017, Shimanski said.

While the site is close to Camp Randall, Eskrich said construction would most likely have little impact on game day traffic.

“If you look at total traffic counts for game day, this development in particular will have next to no impact,” Eskrich said. “It’s really a drop in a bucket.”

Eskrich encouraged University of Wisconsin students living in the area surrounding the potential development site to come to a meeting at the Hotel Red on Jan. 25 at 7 p.m. to discuss the possible impact on the nearby neighborhood.