Downtown Ground Lease Initiative
Madison College to recommend local firm for downtown ground lease
Hovde Properties and Drury Southwest selected to redevelop downtown campus site
Officials at Madison Area Technical College are recommending to the college’s District Board of Trustees their selection of Madison-based Hovde Properties and Drury Southwest to enter into a ground lease agreement for the redevelopment of the college’s Downtown Education Center (DTEC).
Madison College performed an intensive due diligence, compliance and completeness review of proposals for the ground lease and redevelopment of its Downtown Education Center (DTEC).
An evaluation team made up of MATC executive leadership staff and professional real estate consultants determined the proposal submitted by Hovde/Drury is in the best interest of the college and the communities it serves, said Madison College President Jack E. Daniels.
Review criteria include the general, technical and financial requirements included in the college’s Request for Proposals (RFP). Additional information regarding the criteria used and rationale for the Hovde/Drury selection will be shared at a special meeting slated for 4:30 p.m. Monday, April 24, in Room 122/130 at the MATC Administration Building, 1701 Wright Street. The meeting will include an opportunity for public comment.
At its monthly public meeting in May, it is expected that the college’s Board of Trustees will grant authority to execute a lease agreement, which will be submitted to the Wisconsin Technical College System Board (WTCS) for approval.
The five developers that submitted proposals participated in a November 2016 public Request for Qualifications (RFQ) and were invited to submit proposals in January 2017. The college anticipates that it will vacate DTEC by the end of 2019.
- March-April 2017 – RFPs received, proposal review, interviews, and selection process
- May 2017 – Board grants authority to execute lease & submit to WTCS Board
- July 2017 – WTCS Board initial concept review
- Summer 2017 – Negotiate terms of lease
- Fall 2017 – Execute Board-approved ground lease (with contingencies)
- 2018 through mid-2019 – Design, financing, permit approvals, etc.
- Mid-to-late 2019 – Downtown vacated, construction to begin
For more information, contact:
Mark Thomas, CFO and VP of Administrative Services