Construction on the long-anticipated Madison Public Market, originally due to start in November, has been delayed until at least the early spring due to a $5.2 million financing gap that could also doom the project if funds aren’t secured.
The city informed the nonprofit Madison Public Market Foundation, which will operate the facility on the city’s East Side, that it had to withdraw an application for a $3.4 million federal grant that was a key piece of the market’s financing package, and that rising construction costs have also added $1.8 million to the project.
Ken Notes: This project needs an ombudsman that understands development, funding, and the role a Public Market should play in a community. We have visionaries with no sense of economics, little understanding of the grant process, and a failure to secure a few economic engine businesses that will drive the project.
- - Volume: 10 - WEEK: 36 Date: 9/1/2022 9:35:41 AM -