In another sign of strength for the rental housing market, the Alexander Co. is seeking to move ahead with a $30 million, 11-story final phase of the massive Capitol West development, which covers a full block Downtown.
Alexander is proposing a structure ranging from five to 11 stories with 176 apartments and underground parking on a vacant lot at the corner of South Henry Street and West Main Street, three blocks from Capitol Square.
The $40 million first phase of the Capitol West redevelopment, completed in 2008, features an 11-story tower with 141 condominiums and townhouses, a 151-room Hyatt Place hotel, office space and parking.
The city approved a general development plan for the full site in 2004, and Alexander is now asking that initial approval for condos in the final phase be changed to allow apartments instead.
The luxury apartments with hardwood floors, granite counter tops and other amenities would be priced from about $900 monthly for a small one-bedroom to $2,000 monthly for a penthouse, Alexander said.
“There’s a great opportunity to finish the project now,” company president Joe Alexander said. “It was unclear when the condo market will demand more inventory in Downtown Madison.”
The new structure will have a modern design influenced by the first phase but won’t mimic it, Alexander said.