Ya kinda saw this coming. Time to re-Occupy?
September 4, 2012
Contact: Steven Cover City of Madison
Brad Binkowski ULISTATEMENT CONCERNING 800 NORTH BLOCK OF EAST WASHINGTON AVENUE
The City of Madison and Urban Land Interests have mutually decided not to further pursue the sale and purchase of the 800 North Block of the former Don Miller property on East Washington Avenue. ULI had proposed a development of two commercial buildings, an apartment building, and a parking ramp to serve the commercial buildings.
On May 22, the City and ULI entered into a Purchase and Sale Agreement. That agreement contained a public financing contingency to address the incorporation of a significant parking structure on the site. In addition to the City looking for a larger development proposal on the site, the City and ULI both concluded that, at this time, the parking/development financial model would not generate sufficient incremental taxes to justify the project at this time.
The future plans for the site will be forthcoming once the City evaluates its options and potential alternatives.
