Between the pandemic and the protests, Brad Binkowski believes downtown Madison has gone through one of the most tumultuous years imaginable and looks now like it did in the 1980’s when retail moved out to the malls. He believes it’s important to remember what downtown was; imagine what it can be again; and take the steps necessary to get it there. He says private sector investment is a necessary component of that revival.
Brad stressed the importance of building underground parking to reactivate sidewalks for pedestrians and customers and said the city needs to help cover the extraordinary costs. He says underground parking is behind the success of Urban Land Interests’ development of Block 89 which turned vacant buildings and surface parking into 560,000 square feet of office space on a block that now has the highest assessed value in the city. Brad says multi-modal transportation is growing, but the reality is that tenants demand parking.
ULI is now looking to develop the American Exchange block on the square – a development that has been 23 years in the making. The project, which ULI hopes to start in 2022, will have 805 underground parking stalls and 300,000 square feet of office space targeted to tech companies. Brad says the revenue the block will generate will help the city advance other initiatives.
Brad believes Madison has extraordinary strengths: a quality of life that doesn’t exist in many other places; a labor pool that includes the highest percent of educated millennials; and the highest net in-migration of tech employees in the country. But he says we desperately need a vision of what downtown can be.
Brad closed by saying that Rotary is a force that is committed to a vision for downtown and is critical to creating a dialogue on a plan for downtown Madison and a strategy on how to get there.
Our thanks to Brad Binkowski for speaking this week and to Janet Piraino for preparing this review article. If you missed our meeting, you can watch it here: https://youtu.be/MRnkBjm9Cps.