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Attempting to grab a quick drink on her way out of town, Madison resident Melissa Gauger stops at the Open Pantry on University Avenue to buy a soda. The OP is a common stop for Madison residents with its convenient location and friendly greetings from the counter worker, who seems to be the Pantry’s only employee. But when Gauger stops at the front door on this trip to the OP, she is not greeted by the friendly counter worker or sticky floors. Rather she is met by a towering, copper-topped building and an engraved stone reading,“The Aberdeen”. The convenient OP has been torn down to make way for the massive new apartment complex that towers over the adjacent and once trend-setting, La Ville. The building brings a new type of luxury living to the downtown area that is a far-cry from run-down student housing, and it’s just a glimpse of the type of urban redevelopment that has become the latest trend in Wisconsin residential real estate. Madison Redevelopment Todd McGrath, president of McGrath Associates, appears to be Madison’s go-to-guy when it comes to downtown real estate, seemingly single-handedly redeveloping many of the residential areas located on and around Capitol Square. With his most recent projects including Capitol Point, a $30 million, 64-unit condominium unit, and 4th Ward Lofts, a 75-unit condo complex, McGrath has been credited for sparking the trend of high-end condo units in the downtown area. Pricing for 4th Ward Lofts starts at $150,000 and goes up to $395,000, while Capitol Point ranges from $200,000 to $700,000. But McGrath’s latest endeavor manages to surpass even these real-estate luxuries. Located on the 300 block of West Wilson Street right on Lake Monona, Nolen Shore is in a league of its own when it comes to luxury living in Madison. The development features a row of townhouses along Wilson Street with an 11th level condominium building at the end of South Hamilton Street separated by a landscaped terrace. Although the building is not scheduled to be completed until 2006, the sketches for Nolen Shore are enough to make one stop and look in awe. The wall of oversized panoramic windows that make up one side of the building, in combination with the iron supports of the terraces, is a departure from the brick-and-mortar structure of older buildings around the Square. Nolen Shore’s condominium amenities, which include a heated parking garage, an exercise room, private terraces and guest suites, signal a new trend toward luxury. Unfinished units start at $250,000. City Demand McGrath believes his redevelopment projects will contribute to the city’s long-term economic situation. Luxury condominiums — sprawling upward rather than outward – increase property values by making more efficient use of limited urban space. In addition, constructing compact community housing units creates more demand for existing businesses as well as a desire for new things to see and do. Yet while such buildings are able to create an increase in commerce throughout the city, the condominiums themselves would not thrive without initial demand from residents. McGrath believes that real estate moves in cycles. Decades ago, many people lived in the city, then migrated to the suburbs while continuing to work downtown. Now more people are interested in working and living in urban areas, he says. |
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Redefining luxury
