Latest Union Corners proposal

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Henry Vilas
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Latest Union Corners proposal

Postby Henry Vilas » Mon Apr 28, 2014 7:47 pm

Union Corners plan gets total makeover

In 2003, developer Todd McGrath had plans to turn the former Rayovac battery plant and a vacant grocery store site into a mix of housing, retail and open space. The $70 million project was seen as a catalyst to spur development along the East Washington Avenue corridor.

When the recession hit, however, McGrath lost the property in a voluntary foreclosure. The city bought the land from M&I Bank for $3.57 million in 2010, anticipating that it could find a private developer to take over the site when the economy turned around.

In July 2013, the city sold the property to Gorman for $1 instead of making a TIF loan to the developer.

Madison aims to recoup its estimated $6 million in land and infrastructure costs through new property taxes generated by the development.

It's about time that property gets back on the tax rolls.

rabble
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Re: Latest Union Corners proposal

Postby rabble » Mon Apr 28, 2014 9:35 pm

I remember the previous plan for the UW Health clinic/parking lot which touched off a massive and immediate panic. Huge cube of a building with acres of empty pavement. The neighborhoods rose up, the developers and UW Health went away for a few months and came back with this.

It's almost as though they deliberately threw out a horrible plan so they could come back with what they wanted in the first place and it would pass without changes.

green union terrace chair
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Re: Latest Union Corners proposal

Postby green union terrace chair » Tue Apr 29, 2014 12:13 am

rabble wrote:It's almost as though they deliberately threw out a horrible plan so they could come back with what they wanted in the first place and it would pass without changes.

A tale as old as time.

narcoleptish
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Re: Latest Union Corners proposal

Postby narcoleptish » Sat May 03, 2014 9:35 am

I can't get excited about Gorman doing the development. They're government subsidy extraction experts, who happen to do real estate development on the side.

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Re: Latest Union Corners proposal

Postby snoqueen » Sat May 03, 2014 12:31 pm

We'll, their business model seems to be paying off, because didn't they get that whole plot of land from the city for approximately nothing in return for a promise to develop it?

I am not all pleased about the current development environment where nobody will do a thing without government money in some form. Trouble is, any city or town is competing with all the others for a developer's favors, and no one seems to have the leverage to put their foot down and stop it.

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Re: Latest Union Corners proposal

Postby uwstudent » Tue May 06, 2014 3:44 pm

Would have thought the city have kept it and just rented it out permanently to that carnival that's in East Towne mall parking lot as a year round home.


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