Madison developer Mike Fisher announced his proposal to build a high-density, primarily student apartment complex on the southeast side of West Gorham Street across from Riley's Wines of the World, 402 West Gorham Street, Monday at a meeting of students, downtown residents and City Council representatives.
The proposed 12-story complex, which would offer between 125 and 150 apartment units, would replace the existing five houses on the 400 block of West Gorham Street. The first floor would be used for commercial space, opening onto a street-level terrace.
According to Ald. Mike Verveer, District 4, the reaction to the new proposal was mostly positive. There were concerns, however, over the effect this new, high-rent complex will have on the downtown.
\There are concerns that the 400 block of West Gorham Street is beginning to have a canyon effect,"" Verveer said. ""This is partly city-induced because the city has stated a preference for the taller, higher-density apartment buildings.""
Landlords expressed concerns that the addition of another apartment building would further exacerbate high vacancy rates. Yet, Verveer said he thinks students will readily occupy the complex should it be built, adding increased competition in the housing marketplace will help stabilize rents.
Fisher plans to introduce the proposal to the city's Urban Design Commission and Plan Commission later this week. If passed, the proposal will go to the City Council for approval. Verveer said it is likely the council would not approve the proposal any earlier than February, and added it is Fisher's goal to start construction in Fall 2005.
