MONROE - Buildings owners along the Square opposed an initial presentation for a housing structure in place of the downtown parking ramp and instead advocated for more downtown parking.
During the Monroe Common Council meeting Tuesday night, Mark Hammond presented a plan for a 40-unit, three-story apartment complex along the corner of 15th Avenue and 11th Street in Monroe. Hammond, director of development and general counsel for MSP Real Estate, Inc. based in Milwaukee, outlined the project and touted the benefits of new development downtown.
"This would raise the bar," Hammond said. "It would be a great tool for workers to have quality housing."
The structure would provide a mix of multi-family housing, with one- to three-bedroom units available and underground parking. Hammond said each unit would have modern amenities while the building itself would adhere to cosmetic designs similar to the downtown. He also pointed to the goal of increased affordable, quality rental housing within the city in the recently adopted Monroe Comprehensive Plan.
"This would likely be the highest quality housing located in Monroe," Hammond said.
The building would have a range of income restriction, he added, with 34 of the units to be set aside for residents who earn a particular percentage of the county's median income. For instance, an individual renting a one-bedroom unit would pay roughly 30 percent of his annual $15,000 to $20,000 income.
The project would cost an estimated $6.45 million. Hammond said the company anticipates a total Tax Equity Credit of $3.85 million with the project supporting a $1.325 million first mortgage. MSP requested $1.27 million from Tax Increment Finance District funds. MSP estimates it will pay real estate taxes between $32,000 and $42,720 per year.
Alderman Michael Boyce said the city should consider the project.
"I think this type of development in our community is the new normal, unfortunately," Boyce said. "While this may not satisfy everyone's visions on what should be in that spot, it definitely satisfies what's in our planning documents. I would recommend strongly considering this."
Chris Soukup, who owns Baumgartner's on the Square, said he appreciated the project presentation, but parking is an ongoing issue. Other business owners at the meeting agreed.
"I've spoken to people and they're already terrified," Soukup said. "This is going to strangle businesses downtown."
The proposed plan would provide 39 underground parking spots as well as nine surface spaces and additional area along the flat lot north of the current parking ramp. Hammond said he was confident no parking would be "trickling out of the development." All parking would be for renters within the building.
Parking will also be reduced if the city tears down the municipal ramp. Aldermen voted in April to demolish the ramp and repave the area until future plans could be made for additional public parking. Although the council was set to approve a $495,000 request from Madison-based Terra Engineering and Construction Company to tear down the ramp on Tuesday, aldermen voted to table approving that contract until their next meeting on Nov. 15.
Alderman Charles Koch said they needed more financial information, especially considering the new proposal from MSP Real Estate -specifically, questions were raised about how the city would be affected if the ramp was torn down before a possible agreement could be made with MSP, in which the company would raze the ramp, and what would happen if the city denied the bid until the beginning of next year.
Tabling the measure passed on a margin of 5-3. Aldermen Tom Miller, Charles Koch, Chris Beer, Reid Stangel and Richard Thoman voted in favor; Boyce, Jeff Newcomer and Ron Marsh voted against. Alderwoman Brooke Bauman was absent.
Boyce said he was frustrated with the cycle of events in which the city has considered downtown projects.
"We've gotta get out of our own way," Boyce said. "It's extremely discouraging that we keep going through this over and over and over again."
During the Monroe Common Council meeting Tuesday night, Mark Hammond presented a plan for a 40-unit, three-story apartment complex along the corner of 15th Avenue and 11th Street in Monroe. Hammond, director of development and general counsel for MSP Real Estate, Inc. based in Milwaukee, outlined the project and touted the benefits of new development downtown.
"This would raise the bar," Hammond said. "It would be a great tool for workers to have quality housing."
The structure would provide a mix of multi-family housing, with one- to three-bedroom units available and underground parking. Hammond said each unit would have modern amenities while the building itself would adhere to cosmetic designs similar to the downtown. He also pointed to the goal of increased affordable, quality rental housing within the city in the recently adopted Monroe Comprehensive Plan.
"This would likely be the highest quality housing located in Monroe," Hammond said.
The building would have a range of income restriction, he added, with 34 of the units to be set aside for residents who earn a particular percentage of the county's median income. For instance, an individual renting a one-bedroom unit would pay roughly 30 percent of his annual $15,000 to $20,000 income.
The project would cost an estimated $6.45 million. Hammond said the company anticipates a total Tax Equity Credit of $3.85 million with the project supporting a $1.325 million first mortgage. MSP requested $1.27 million from Tax Increment Finance District funds. MSP estimates it will pay real estate taxes between $32,000 and $42,720 per year.
Alderman Michael Boyce said the city should consider the project.
"I think this type of development in our community is the new normal, unfortunately," Boyce said. "While this may not satisfy everyone's visions on what should be in that spot, it definitely satisfies what's in our planning documents. I would recommend strongly considering this."
Chris Soukup, who owns Baumgartner's on the Square, said he appreciated the project presentation, but parking is an ongoing issue. Other business owners at the meeting agreed.
"I've spoken to people and they're already terrified," Soukup said. "This is going to strangle businesses downtown."
The proposed plan would provide 39 underground parking spots as well as nine surface spaces and additional area along the flat lot north of the current parking ramp. Hammond said he was confident no parking would be "trickling out of the development." All parking would be for renters within the building.
Parking will also be reduced if the city tears down the municipal ramp. Aldermen voted in April to demolish the ramp and repave the area until future plans could be made for additional public parking. Although the council was set to approve a $495,000 request from Madison-based Terra Engineering and Construction Company to tear down the ramp on Tuesday, aldermen voted to table approving that contract until their next meeting on Nov. 15.
Alderman Charles Koch said they needed more financial information, especially considering the new proposal from MSP Real Estate -specifically, questions were raised about how the city would be affected if the ramp was torn down before a possible agreement could be made with MSP, in which the company would raze the ramp, and what would happen if the city denied the bid until the beginning of next year.
Tabling the measure passed on a margin of 5-3. Aldermen Tom Miller, Charles Koch, Chris Beer, Reid Stangel and Richard Thoman voted in favor; Boyce, Jeff Newcomer and Ron Marsh voted against. Alderwoman Brooke Bauman was absent.
Boyce said he was frustrated with the cycle of events in which the city has considered downtown projects.
"We've gotta get out of our own way," Boyce said. "It's extremely discouraging that we keep going through this over and over and over again."