The Block 100 Foundation said they intend to abandon their proposal for development on the 100 block of State Street Wednesday if their most recent proposal is opposed.
The six buildings owned by the foundation on State Street between West Mifflin and Fairchild Streets are set to be either demolished or heavily renovated in a $10 million plan to create new office and retail space.
In a letter to the Urban Design Commission, Madison philanthropists Grant and W. Jerome Frautschi and Pleasant Rowland, founders of the Block 100 foundation, said they would sell the six properties if the commission opposes their plans.
"In the event that the Urban Design Commission is unwilling to support the design... the Block 100 Foundation is prepared to step aside and sell the six buildings," the letter said.
The threat may be carried out if the commission does not approve of the project as it is currently planned when it meets on Feb. 15, putting pressure on the UDC to make a quick decision.
The Block 100 Foundation said its aim is to complement cultural buildings like the Overture Center and new Central Library through renovation of that area. The developers found themselves at odds with the Urban Design Commission when the commission opposed an initial plan calling for the demolition of six historical buildings owned by the foundation.
Revisions to the plan, including reusing the original facades of some buildings slated for demolition, have settled many of the differences between the Block 100 Foundation and the commission.
Differences remain between the proposal and the expectations of the commission, perspectives that may ultimately cost Madison as a whole, according to Ald. Mike Verveer, District 4.
"The proposal is a once-in-a-lifetime opportunity [for Madison], given [the Frautschi's] vast financial resources," he said. "Nobody could come close to proposing a redevelopment of this half block...arguably one of the most important streets, not only in the city, but in the state."
