1602 S Park St

The property presents an excellent opportunity for redevelopment within the Park Street gateway to Downtown Madison. Major redevelopment has already occurred in the area, including healthcare (SSM & UW out-patient clinics), market rate and affordable apartments (The Sofia, Peleton Residences, Park Cedar Apartments), Class A office (The Hub), retail (future grocery store, new Starbucks) and community organizations (Centro His-pano, Center for Black Excellence).

The site totals 3.3 acres and has an existing office building. The seller would consider selling the entire site and relocating its office use, or selling just the southern ~1.4 acres as a first step.

Price/Unit $12,900

Land Use Plan allows for up to 116’ building height (10-11 stories)

Potter Lawson concept plans show the ability to build up to 675 units (11 stories) or 464 units (8 stories)

Recent price reduction allows 5-7 story buildings to be feasible

Located within a TIF District (TID 42)

Within the “preferred area” for the affordable housing trust fund

Seller would like to remain on site and would lease/purchase commercial space within the new building if the buyer wants to consider it.

Mix of market-rate and affordable / senior may be a great way to diversify the unit types in the new development

The seller is able to split the parcel for sale, along with offering a price range.