By Brian E. Clark
For WisBusiness.com
Once an attractive gateway to the state capitol, Madison’s East Washington Avenue district has bled jobs over the past four decades.
And in the process, it has turned into something akin to a neglected old piece of furniture or an ugly garage door, a panel of economic development experts said Wednesday at a gathering sponsored by Edgewood College.
But that is changing, said Rick Phelps, a former Dane County executive and now a regional vice president with M&I Bank, a part of the BMO Financial Group.
If East Washington backers’ vision comes to fruition, Phelps said, more than $2 billion worth of development projects could go up along the corridor over the next 20 years, spurring a major economic boost for the city. Phelps, who was involved with the rebuilding of lower Manhattan after the World Trade Center destruction, has been working on this effort in recent years.
Jennifer Alexander, head of the Greater Madison Chamber of Commerce and Thrive, agreed that the East Washington corridor needs redevelopment and praised Phelps’ efforts.
She said the company that is now doing an economic development project for the Chamber recently called the district “incongruous” with the rest of the city.
“Unfortunately, it now says ‘old economy’ and ‘not thriving,’” she said.
Phelps said some of the key pieces for advancement are in place, including a 280-acre tax incremental financing district, support from neighborhoods and the recent purchase of the eight-acre former Don Miller auto dealership property by the city.
“Builders are already lining up to develop the site and there are $85 million in proposals,” he said.
Aaron Olver, Madison’s economic development director and former head of the state Commerce Department, outlined the city’s plans for the development of the former Don Miller property.
He listed three separate projects which will include offices, retails, townhomes, parking and apartments that will be attractive to young professionals who work for Epic, “but don’t want to live in Verona and do want to be near the airport.”
“We can transform this corridor from that battered garage door to an area that showcases what is best about Madison,” he said. “This can lead to a renaissance of East Washington.”
“Now,” added Phelps. “People need to go out and create a buzz. If this goes forward, you won’t recognize it in 20 years. And while that may not seem very speedy, the goal is to do it right vs. fast.”
He also lauded the decision this past spring by the internet fashion retailer Shopbop.com to move into the old Gisholt Machine Co. The company is owned by Amazon.com and now employs nearly 300 people.
And another bright spot along the corridor is the University Research Park’s Metro Innovation Center incubator in the old Marquip building, which opened 18 months ago and targets hi-tech, medical equipment and other start-ups.
Though Phelps called the East Washington district a big opportunity, he said it is also a “big challenge” and that’s success will depend in part on how much access possible developers have to loans.
The former county executive said the corridor could become an extension of Madison’s already vibrant downtown, with mixed housing, retail, offices and amenities like the proposed Central Park along the East Isthmus rail corridor.
Phelps said young hi-tech workers and scientists would find the district an attractive place to live and work with bicycle/hiking paths and easy access to the Capitol and UW-Madison.
He also praised the Mullins family, which owns a number of buildings in the district, and called its plans for a hi-tech village “stunning.”
“These kinds of things are contagious,” he said. “This could be one of the most important areas of development for the region.”
