Armed with all the financing required, developers are hoping to move forward with plans to breathe life back into the Garver Feed Mill in Madison after securing the last piece of financing, $2.5 million in New Market Tax Credits.
The final funding piece was the biggest hurdle, notes Ald. Marsha Rummel, 6th District, but some issues still remain, such as getting Common Council approval of the purchase and sale agreement for the building, ground leases, storm water approval, and storage facility details.
In an email to In Business, David Baum, principal at Baum Revision of Chicago, said the company hopes to close on the property by April 30 and begin work immediately afterward with completion anticipated approximately 15 months after construction begins. “We will continue to work with the Baum team in an effort to see this great project come to fruition,” states Matt Mikolajewski, director of Madison’s economic development division.
Baum’s design will transform the Garver Feed Mill and surrounding 11 acres into an artisan food processing facility surrounded by 50 microlodges for overnight stays, retail, office, demonstration gardens, event space, and parking for 149 cars and 76 bikes.
The $19.8 million renovation of the feed mill located behind Olbrich Botanical Gardens on Madison’s east side, will reportedly be completed to state and National Parks preservation standards so that it can be registered as a National Historic Landmark.
