A trio of state-owned buildings in Downtown Madison that the state plans to eventually sell have already drawn considerable interest from developers looking to capitalize on the parcels’ prime Isthmus location.
The state will first need to relocate employees to other state facilities, a process that could take several years. But Department of Administration Secretary Kathy Blumenfeld said developers have already started making inquiries.
“There seems to be a whole lot of interest in these buildings, which is really exciting,” Blumenfeld said. “Whether it’s new housing, whether it’s mixed-use development, however these get utilized, this is just such prime real estate for the city.”...
The state will first need to relocate employees to other state facilities, a process that could take several years. But Department of Administration Secretary Kathy Blumenfeld said developers have already started making inquiries.
“There seems to be a whole lot of interest in these buildings, which is really exciting,” Blumenfeld said. “Whether it’s new housing, whether it’s mixed-use development, however these get utilized, this is just such prime real estate for the city.”...
...The three parcels had a combined appraised value of $98 million in 2021, according to the DOA.
Blumenfeld said some employee relocation efforts have already taken place. GEF 2 is expected to be vacated in six months to a year, while moving staff out of GEF 3 could take as much as 4½ years.
Once the buildings are vacated, the Department of Administration will take bids for the properties and make a recommendation to the state, which will need to be approved by the Wisconsin Building Commission and the Legislature’s budget committee...
Share this article on you social outlets
Our Sponsors
- - Volume: 11 - WEEK: 40 Date: 10/3/2023 8:16:54 PM -