The future of Baum Revision’s proposal to place micro-lodging on the Garver Feed Mill property on Madison`s near east side is under question again after the developer failed to meet a March 5 deadline.
Madison signed a development agreement with Baum Revision in 2017 to overhaul the crumbling, dilapidated mill between South Fair Oaks Avenue and Olbrich Gardens. The project, which is now open to the public, included redeveloping the former sugar beet mill into a food production facility and hub for local businesses.
The second phase of the project planned for five acres to the northeast of the mill, known as Lot 2, included plans for up to 50 micro-lodges, or small, short-term rental units. City economic development director Matt Mikolajewski said Baum Revision did not submit proof of financing for this part of the project by the deadline last week...
Ken Notes: This is a great opportunity to develop a demonstration micro village with a diverse population from homeless to Air B and B renters and everything in between. Use a "TIF like" program and agreements to value the units at 50K regardless of actual value. Then sell the lots to those who submit a unit and plan approved by a controlling board for $1. You will generate a property tax income based on 2.5 million in assessed value (based on a development agreement). Non profits could raise funds for homeless dwellings and entrepreneurs could develop high end rentals. Limit any "idea" to 5 units and use the board to ensure diversity. You will get between 10 and 50 projects and a demonstration of how it can be done.
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- - Volume: 8 - WEEK: 11 Date: 3/12/2020 10:45:07 AM -