Contact:
Michael Ertmer, Inventure Capital, LLC
(608) 468-6607, michael.ertmer@inventure-capital.com
(MADISON, Wis.)—To meet the increasing demand for urban living, the team of McGrath Property Group, LLC, and Inventure Capital, LLC, submitted plans recently to the City of Madison for a mixed-use apartment building at 149 E. Wilson St., near the Capitol Square.
The proposed 14-story, capitol view-limit building will replace the long-vacant former Department of Corrections office and is aimed at professionals, young families and empty nesters.
“Downtown Madison is a highly sought after location to live, with relatively few high-quality rental options,” developer Lance McGrath said. “This project will help meet that demand and complement the proposed Judge Doyle Square project.”
The proposal calls for 127 market-rate apartment units offering panoramic views of Lake Monona and downtown Madison, in a premiere location with unique features setting it apart from any other rental property. It includes 2,300 square feet of street-level commercial space, 129 parking stalls and a spacious social/active lobby.
Residential units will be diverse, from studios to three bedrooms, with building amenities that include a professional-quality fitness center, bicycle storage and maintenance area, conference room and concierge services. A vibrant entry lobby welcomes residents and visitors to the adjacent commercial space that has an outdoor terrace with sweeping views of Lake Monona.
The design will complement two pioneering residential projects developed by architect Kenton Peters–Union Transfer and Marina Condominiums—and it will be an “exciting addition to Madison’s skyline,” according to McGrath. CaS4 Architecture of Madison is providing architectural services, and Stevens Construction is the general contractor.
The team will work closely with—among others—city staff, the First Settlement Neighborhood Association and Ald. Mike Verveer as the project advances. Final city approvals are expected in January 2014 and construction is slated to begin in early February. The building will be ready for occupancy on June 1, 2015.
McGrath Property Group, LLC is leading the design and construction efforts and will manage the property. McGrath has a proven track record of successful downtown residential infill developments—namely Capitol Point Condominiums, 4th Ward Lofts, Nolen Shore Condominiums, Lake Park Apartments, Settlement Place Apartments and 640 West Apartments.
Inventure Capital, LLC, led by Michael Thorson and Michael Ertmer, is providing equity capital and asset management services, building upon previous development collaborations with McGrath.
