Sep 8, 201511:08 AMOpen Mic
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Benefiting from Wisconsin’s condominium law
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Especially in rapidly growing urban areas like Madison where there are a significant number of in-fill redevelopment opportunities, the condominium law is often used to help shape and structure projects with multiple commercial components and uses. Take, for example, a city block like Madison’s University Square, which is situated at the crossroads of the UW campus and Downtown Madison. This fairly recent redevelopment of a single-story mall takes full advantage of the flexibility afforded by Wisconsin condominium law as it incorporates separately owned and financed units, including private student housing, university office and student resources, a variety of private retail spaces, a public pedestrian walkway, and parking. Other Madison-area developments making use of the Wisconsin condominium law include several blocks of the Capitol Square with office and retail development, commercial and residential projects along the East Washington corridor and State Street, recent hotel developments, and even certain higher education campus facilities and civic spaces.
The condominium law has become an important tool in allowing developers and owners of real property to think creatively about maximizing development and redevelopment opportunities. As the trends of development in the Madison area continue to focus on in-fill redevelopment opportunities and the stacking of multiple uses upon smaller parcel footprints, we can expect that the condominium law will continue to play a critical role in shaping the evolution and growth of Madison as a unique urban area.
Matthew Carlson is a partner and a member of Michael Best & Friedrich LLP’s Transactional Group and Land and Resources Practice Group. His primary practice is concentrated on commercial real estate, including representing clients in sales and acquisitions, leasing, development, construction, land use, and entitlement approvals, and the formation of commercial and residential condominiums. He can be reached at email@example.com, (608) 257-7473.
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