Union Corners deal in the works
It’s taken nine years, but it appears the Union Corners development in Madison will finally get underway. The city and Gorman & Co. have reportedly reached a deal for an $83.9 million mixed-use project for the long-vacant site at East Washington Avenue and Milwaukee Street. Gorman’s plan calls for a four-phase project that will include a UW Health Clinic, residential housing and parking, and retail and office space. A letter of intent has been filed, though several details still need to be worked out, and approvals must be obtained.
According to a report in the Wisconsin State Journal, the city would sell the land to Gorman for $1, and Gorman would apply for $6 million in TIF to support the project. The city has already spent $6 million to purchase the land and make other improvements. After five years, the city could reclaim any undeveloped property for $1.