A Downtown Option For Renters

Madison Mark Targets People Who Want To Live Downtown Without Having To Buy A Condo.

By Pamela Cotant for The Wisconsin State Journal

3/27/2005


A new 113-unit apartment building has opened amid the condominium-building boom near the Capitol.

The Madison Mark, 132 E. Wilson St., opened Feb. 1, and about half the units are rented. The lower level has 11,000 square feet of available commercial space.

"We saw a lot of high-end condos being built Downtown and just saw the need for some rental properties for people who weren't in a position to purchase a condo," said Helen Bradbury, president of Stone House Development.

Stone House Development of Madison is an owner and management company for The Madison Mark.

The 12-story building takes advantage of its prime site at East Wilson and King streets. Balconies, including the nearly 600-square-foot rooftop balcony off the community room, and extra large windows give views of Lake Monona, Lake Mendota and the Capitol.

"Most of the apartments have great views and even the ones with good views have great light," Bradbury said.

Most of the units have balconies, and the East Wilson Street entrance opens to a large lobby that gives The Madison Mark a big-city feel.

The $20 million building was designed by Gary Brink and Associates of Madison and built by Stevens Construction of Madison.

Stone House Development formed a committee, which included several residents from the First Settlement Neighborhood, to shape the design to fit the area. The neighborhood said it was important for the facade to have a three-story look, which led to a design where the taller portion of the building is stepped back from the first three levels.

Bradbury said a number of names were considered before choosing The Madison Mark, partly because the apartment building marks the place -- the First Settlement Neighborhood -- where Madison began.

The community room has a kitchenette and large windows, and a gas grill is planned for the adjacent balcony. A fitness room with a view is located nearby.

The apartment building also has a theater room and a business center that will have shelves of books and two work stations with a printer and Internet access.

A 1,501-square-foot penthouse, which has a deck with views of both lakes and the Capitol, rents for $2,650. Several communities can be seen in the distance from the large windows and a bedroom window frames the Capitol.

Heat is included. All units have a washer and dryer, and underground parking is available for an extra $100 a month. Cats and small dogs are allowed.

Three levels of accessibility are available in the units, said Kasie Setterlund, director of operations at Stone House.

The Madison Mark has 41 one-bedroom units besides the penthouse. The market-rate units rent for $950 to $1,300 for 661 to 855 square feet.

There are 71 two-bedroom units. The market-rate units rent for $1,150 to $1,825 for 981 to 1,277 square feet.

One-bedroom units under the Section 42 tax credit program rent for $485 to $760, and two-bedrooms units rent for $585 to $915. Tenants must have a household income that doesn't exceed 60, 50 or 40 percent of the Dane County median income, depending on the unit.

Todd Allbaugh, who owns a farm in Richland County, decided to rent a unit at The Madison Mark because as communications director for Senate majority leader Dale Schultz, his hours at the Capitol are fairly long and irregular.

"The proximity to the Capitol was a big selling point for me," said Allbaugh.



Close Window

Real Estate Development and Consulting

section 42 and tax credit development