Chicago-based Vermilion Development broke ground today on Lane Lock Apartments, a multifamily development at 1617 Sherman Ave. in Madison, The Capital Times reports.
The $96 million project is located adjacent to Tenney Park on the site of the razed Filene House. The Filene House, recently home to My Choice Wisconsin and a previous Credit Union National Association space, was the site of a speech by President Harry Truman in 1950. It was determined by Madison’s Landmarks Commission to have historic value, but the City Council rejected the commission’s recommendation and allowed its demolition for the new project. Vermilion also received $1.96 million in Tax Increment Financing from the city.
The development includes three buildings with roughly 309 total market rate units. Two of the buildings will be five stories tall, and one will be a row of three townhomes. There will be a rooftop lounge with panoramic views of Lake Mendota, Tenney Park, and downtown Madison, in addition to a community garden and two green roofs.
Construction is anticipated to take around 25 months.
