The City of Madison Board of Estimates met Monday night to discuss new proposals for the Judge Doyle Square project.
The project aims to integrate the area near the Capitol Square and the Monona Terrace Community and Convention Center with new development opportunities. These developments include new restaurants, parking and biking facilities and retail and hotels, according to a release from the Judge Doyle Square Negotiating Team.
The meeting focused on the two proposals submitted by development teams competing to undergo the project. Three interested parties previously submitted proposals May 19, but only two made submissions for the latest deadline, Jan. 19: Beitler Real Estate Services Joint Venture and Vermilion Enterprises, LLC, both based in Chicago.
The Beitler proposal includes building a 621-stall parking garage to replace the Government East public parking ramp, as well as 31,000 square feet of retail, a food court and a commercial and bicycle center on Block 88 in downtown Madison.
Meanwhile, the Vermilion proposal suggests a 279-room hotel on Block 88 with accompanying restaurant and retail facilities. Their proposal also includes a 125-unit apartment building and a 94,000 square foot office facility with an additional 13,000 square feet of retail and bicycle facilities on Block 105.
The cost of the Beitler proposal is estimated at $125 million, with $26 million allocated for the replacement of the Government East public parking ramp and create the retail and commercial space on Block 88. The Vermilion plan is estimated at $200 million, with $50 million requested in public financing for parking.
Neither proposal may be able to move forward, however, if other developments do not fall into place.
Doyle Square Development, LLC—a joint venture of Urban Land Interests of Madison, WI, and The North Central Group of Middleton, WI,—has “thus far not been able to secure a commitment from a new hotel partner willing to advance the project under the terms the City has currently set forth.”
