Construction could get underway later this year on a $54 million mixed-use development in Madison that includes retail, restaurant, and residential space. The city, the Madison Redevelopment Commission and Madison Plaza Group LLC signed an economic development agreement to revitalize a former shopping center that has been vacant for about a decade.
The former Madison Plaza will be converted into approximately 155,000 square feet of commercial space and 190 housing units.
The city has agreed to invest $4 million towards the project, including infrastructure upgrades and incentives. Kentucky-based Winterwood Inc. is the developer on the proposed project.
“Our approach is to incentivize economic development in a way that provides a high return on investment for the city. Our strategies were put in place two years ago, and the pandemic may have delayed the development, but it allowed us more time to improve the overall outcome for the community, and we couldn’t be more pleased,” said Mayor Bob Courtney.
The partners say the project will be completed in three phases, beginning with the development of the shopping center, which will include four and six retail spaces. Phase two is the development of housing units and the out-lot, which would serve as restaurant space. Phase three is the development of additional retail space.
“The opportunity to create jobs and increase the tax base is always challenging,” said Craig Turner, managing member of Madison Plaza Group LLC. “The development plan of the 22 acres will create housing and retail opportunities. We are bringing national tenants to the shopping center to enhance the shopping experience in the area.”
Phase one is expected to be completed by spring 2023.