Madison College prefers Hovde plan

After the unveiling of five proposals submitted for the redevelopment of the Madison College downtown campus site, President Jack Daniels has told the Wisconsin State Journal the college would enter lease negotiations with Hovde Properties.

The Hovde Properties plan would add two stories to its current building for a 197-room hotel, plus a new 10-story office building with grocery and retail on first floor, up to 202,000 square feet of office space above, and underground parking for 392 vehicles.

The five projects submitted ranged in price from $41 million to $132 million.

A ground-lease for the land, expected in 2019, will generate between $500,000 and $900,000 annually for the school.