The Missouri-based hotel company that plans to convert Madison Area Technical College’s downtown campus into a 197-room hotel now wants to develop the remainder of the site as well.
Drury Southwest has offered to also take over development of what is now the parking lot for the MATC school building at 211 N. Carroll St., according to college officials.
Hovde Properties of Madison last month withdrew from negotiations to redevelop the parking lot area as an $80 million, 10-story office building.
Company officials cited concerns with a proposed ground lease on the property, under which MATC would retain title to the property while Hovde developed it under a long-term lease.
An agenda for the Dec. 6 meeting of the MATC Board of Trustees includes an action item authorizing staff to negotiate and enter in to a long-term ground lease with Drury for redevelopment of the portion of the Carroll Street property Hovde had contemplated developing.
Bill Bessette, senior communications liaison for the college, said that officials expect a plan consistent with the original one of multi-story building with some parking and a mix of commercial space that could include office, retail or restaurants.
“Just like any development project, we continue to work with the city on what exactly that will mean in terms of final redevelopment details,” Bessette said.
The college plans to vacate its Downtown Education Center by the end of 2018, so the renovation of the building could start in early 2019.
Drury was not one of five finalists selected to submit redevelopment proposals for the site, but the company later partnered with finalist Hovde. Their joint project was selected by the Board of Trustees in April.