Madison’s long-awaited public market is back on track after local leaders approved plans to close a budget deficit that previously put the future of the project in doubt.
The Dane County Board of Supervisors approved an additional $1 million on Thursday to fund the Madison Public Market project in a 30-3 vote. The approved increase in funding follows a 15-3 vote by the Madison Common Council to borrow $1.6 million for the project.
The city’s funding, introduced by District 17 Ald. Sabrina Madison at the Oct. 3 Common Council meeting, will address the budget gap left after construction bids came in higher than expected in September. The project has been in talks for almost two decades and has faced multiple roadblocks relating to funding and location.
The lowest construction bid came from Joe Daniels Construction of Madison at $15.2 million, about $1.6 million over the amount city officials originally approved for construction.
With newly approved funding, the project will move forward as planned, with doors set to open in the summer of 2025. The Madison Public Market’s website estimates the project will generate $16 million in local sales each year.
The project, located at the corner of East Johnson and First Streets in the current City Fleet Services building, promises to be “a vibrant, year-round public marketplace where new entrepreneurs and long-established Madison favorites will grow their businesses,” according to the Madison Public Market project’s website.
The market will open up retail and restaurant spaces for over 130 local businesses.
“What I absolutely love about the market and where it’s going to be located is that it’s very walkable,” Ald. Madison said. “It is right on the bus rapid transit line. It’s really easy to get to.”
The location will be served by 220 buses per day, is situated next to multiple city bike path routes and is within walking distance of 3,500 Madison residents, according to the project’s website.
The project previously received an additional $4.5 million in funding in the 2023 city budget passed in November 2022. Dane County also provided $1.5 million from the 2023 county budget late last year.
“It gives a place to shop, to eat, to gather, to bring our families,” Ald. Madison told The Daily Cardinal.
Ald. Madison, who selected entrepreneurs for the public market as part of the Market Ready Advisory Committee, said she has been a “staunch supporter” of the project for years.
Ald. Madison said the project provides a valuable opportunity to establish an inclusive environment for business owners and entrepreneurs of color, groups she said are underserved by city and county investments.
The public market creates a permanent space for entrepreneurs of color to increase sales and grow their customer base, she added.
“I’ve gotten to see right up front … how entrepreneurs of color have had a very low investment [from] our community,” Ald. Madison said. “It is only recently that we’re seeing this drive to really invest in entrepreneurs of color.”
