Downtown the city is closer to a long-awaited hotel.
The project developer announced on Monday that it had purchased the property in Judge Doyle Square and secured funding for a 262-room Embassy Suites by Hilton.
The hotel, part of a year-long $ 175 million redevelopment of land northeast of the Madison Municipal Building, went through several iterations, and in October, Beitler Real Estate Services agreed to transfer the rights to Mortenson Development to build the building for a nine-story hotel the two blocks, private-public redevelopment.
The transfer of rights included the city selling the property for the hotel to Mortenson for $ 4 million rather than signing a lease. Mortenson said the groundbreaking ceremony was scheduled for spring, with the hotel opening in 2024. The cost of the project has not been disclosed by Mortenson.
“This milestone marks the long-awaited culmination of a successful public-private collaboration between the City of Madison, Destination Madison, Monona Terrace, numerous community stakeholders and the Mortenson team,” said Nate Gundrum, Vice President of Real Estate Development, Mortenson. in a statement. “We look forward to realizing the city’s vision of transforming this component of Judge Doyle Square into a modern hospitality destination.”
Mortenson had also attempted to lease up to 200 stalls in public garages, including the Wilson Street Garage across Pinckney Street from the hotel property, for an initial 40 year term. However, Cameron Snyder, a Mortenson spokesman, said Monday that the parking arrangement “will be flexible based on demand / needs.” In his negotiations with the city, Beitler had sought 40 stands as part of a 10-year agreement.