The City of Madison Board of Estimates approved a proposal Monday to raise parking prices and made a final selection for a Judge Doyle Square development team.
The parking proposal will increase rates for metered spots, and increase the fee for both obtaining and renewing annual residential parking permits.
The city estimates the changes will increase annual parking revenues by $1,258,227. With the rate increase set to begin in June, the 2016 impact alone is estimated to be $733,966.
“Raising parking meter fees for the first time in four years is a big deal,” said Ald. Mike Verveer, District 4.
The city also chose Beitler Real Estate Services over Vermillion Enterprises, LLC as the development team with to continue negotiations for the Judge Doyle Square project. The project aims to integrate the area near the Capitol Square and the Monona Terrace Community and Convention Center with new development opportunities.
The Beitler proposal will cost approximately $125 million. The two developers, both based in Chicago, were the city’s final options since they submitted updated proposals in January.
The Board of Estimates heard final proposals for aspects of the project, such as parking, hotels, level of public investment and design. Design was an especially marked difference, with board members describing the Beitler proposal as more innovative compared to the “generic” Vermillion layout.
The board also held informational sessions on each proposal in February and March in an effort to have the companies more closely aligned with city requests for the project.
The Beitler proposal for the space includes an LA Fitness, an organic shopping mart and a Trek Bicycle Store. Now that the city has moved forward with its plan, Beitler also has a written commitment to Intercontinental Hotels for the project.
The Vermillion plan was similar, and included an apartment building, office facility and several bicycle and parking facilities. Vermillion also had a written commitment to Marriott Hotels, had its development plan advanced.
Prior to making a decision on a development team, the Board of Estimates also heard from representatives of the Racial Equity and Social Justice Initiative on how the Judge Doyle Square project will affect members of low-income communities and people of color. While one project alone may not make a huge difference to those communities, Mayor Paul Soglin admitted, there could be a positive impact on jobs.
“We may end up with one of the highest proportions of diversity in hiring for any project the city has ever seen,” Soglin said.
The city will require a final development agreement on the project by September 30.
