The latest details of the Judge Doyle Square project, which may or may not end up being the city’s largest and costliest project ever, have revealed another $4 million financing shortfall. Some city officials fear the costs are unsustainable.
Earlier, JDS Development, comprised of Hammes Co. and California-based Majestic Realty Co., announced a $44.6 million shortfall on its $111.2 million project centerpiece: a hotel with retail space and underground parking in downtown Madison.
The latest shortfall is for the $65.9 million overhaul of the adjacent Government East block, which would add new housing, retail, a bike center, and new parking. This portion would be secured with a $23.5 million loan from JDS, plus $10.1 million from the developer and $28.3 million from the city. That adds up to $61.9 million, leaving the $4 million shortfall.
Thus far, JDS Development has submitted tax incremental financing applications for Judge Doyle Square projects that would cost $177.1 million and rely on $48.6 million in public assistance.
