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The redevelopment will take place on the Lake Street portion of the State Street Campus Garage. The Frances Street portion of the Garage will remain in use.
The City plans to replace the aging Lake Street portion of the garage which is approaching the end of its useful life and include a permanent City-owned intercity bus terminal with off street loading and unloading of passengers. The private development component of the mixed-use development will include housing above the garage and first floor retail/commercial use.
"This is a unique opportunity to integrate an intercity bus hub into a new parking garage, along with housing and other uses for the benefit of residents, University students, and visitors," Mayor Satya Rhodes-Conway said. "This site connects the University and Downtown Madison. We are excited about the possibilities."
The redevelopment could be an anchor for a new State Street tax incremental financing (TIF) district and provide an opportunity for creating additional affordable housing downtown. "It is long past the time for the city to have an intercity bus hub again," said Ald. Mike Verveer, 4th District, who represents the area. "There is significant developer interest in creating housing in this area."
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Ald. Juliana Bennett, 8th District, who also represents the area, agreed saying "More housing, more affordable housing, and better intercity bus services are important to students."
City staff will review proposals July through September 2021. A recommendation will be made to Finance Committee in fall 2021 and Common Council will approve negotiation of a development agreement with preferred development team. Actual construction of the project is planned for 2025.
More information is available on the project website:
- Tom Otto, City of Madison Economic Development, 608-243-0178, email@example.com
- Jeff Greger, City of Madison Planning, 608-243-0181, firstname.lastname@example.org
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