Beltline drivers have no doubt been watching the new Treysta on the Water apartment complex rising to up from the shores of the Yahara River over the past year, and its completion marks the beginning of what promises to be a more vibrant City of Monona.
Finishing touches are still being made at Treysta, but rentals are steady, according to Becky Anderson, co-owner, and manager of Lake Yahara Management. Phase one, which includes ground floor retail and three floors of apartments, is completed and about 20% leased, and phase two, with four floors of apartments, will be ready very soon. Some retail opportunities still exist, with four spaces ready for build-out.
In total, there are 123 rental units and 30 different floor plans throughout the complex, but the most popular units, according to Anderson, have been the two-story penthouses on the fourth floor. Rentals have been steady, she says, and renters range from young professionals, to people downsizing out of their homes, to downtowners who want to be close to the city’s center, but living in a quieter location.
“The rental market is good,” says Anderson. “Downtown construction is not hurting us because the quality of construction, amenities, location, price, and availability of parking overshadows downtown.”
Waypoint Public House, with its casual dining and outdoor seating on the river, opened several weeks ago inside the complex, and Treysta’s pier goes in this week along the water’s edge, a sure boost for public access and the boating crowd.
The City of Monona has been actively involved all along. What once was an obstructed and overgrown stormwater outlet adjacent to Lottes Park is now a huge water feature next to Treysta. “It’s a dramatic piece,” says Monona Mayor Bob Miller, “plus we’re improving Lottes Park, and when it’s all completed later this summer, we’ll have probably the most state-of-the-art boat landing in the state. That will be nice.”
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On Broadway
Just across the street, a Mr. Brews Taphouse and Qdoba are quickly taking shape in front of the AmericInn, at the corner of Monona Drive and West Broadway, and more development on Monona Drive could be announced soon.
Miller says The Tipsy Cow, a downtown pub, is also considering a spot in Monona, which could happen soon. If everything comes to fruition as planned, the area “will offer some amazing beer offerings. For a beer connoisseur, it will be wonderful!”
Further east down Broadway, toward Menards, one developer is hoping to convert an old auto salvage yard and the surrounding area into rental housing, incubator space that could include a commercial kitchen, retail, and possibly even a hotel.
And finally, a developer for the city’s largest project, the Monona Riverfront development, should be announced soon. That massive project, along the Yahara River on a triangle of land from West Broadway to Bridge Road, will include a hotel, restaurants, multifamily housing, office space, retail, and public river access. “The ideal is to have one group develop the entire triangle,” Miller says. “The alternative is that we would break the site into sections. We’ll see how it all unfolds, but I’m hoping that in the next 30–60 days we’ll have somebody on board.”
All this infill talk is not only attracting developers, it may be helping to attract residents. According to recent U.S. Census Bureau estimates, Monona was among Wisconsin’s 10 largest-growing cities in terms of population growth percentage between 2013 and 2014. Despite being landlocked, the city’s population grew 1.5% year over year, to 7,859 residents.
“In my wildest dreams, I never thought we’d be in [the top 10],” Miller laughs. “It’s all good.”
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