Madison, Wisconsin – March 13, 2017 – Beitler Real Estate Services LLC who is developing the massive $170 million Judge Doyle Square project downtown, is proposing a unique, 250,000 square foot office building for the site of the Madison Area Technical College. The MATC, which is relocating its campus in July 2019, has requested proposals for the redevelopment of the school property.
Other potential uses include converting the existing structures into office space or residential units, but J. Paul Beitler said his proposal to demolish the present structure and erect a new building, is the best overall solution for the MATC. “It promotes the best and highest use of the land, and in addition to benefitting the MATC it will provide the City of Madison with new jobs, taxes, public green space and architectural diversity.”
The proposed new 11-story building, designed by renowned architect James DeStefano, is triangular in shape and is surrounded by a full acre of open space. There is a stone-paved entry plaza and landscaped park space above a 200-car below-grade heated parking ramp.
Beitler said the building will be ready for occupancy in October 2020 and offers a single use tenant an iconic headquarters building comparable, in local terms, to the Transamerica Pyramid in San Francisco or the Citigroup building in New York.
He went on to say the development will enter into a 98-year ground lease with payments of $500,000 per year, providing MATC with cash flow for nearly a century and/or the ability to sell the lease at any time for a lump sum. The project requires no City, State or Federal funding and will be financed through traditional private capital debt and equity.