Real estate news

McGrath Associates, a Madison residential development firm, has received a $450,000 grant from the state Department of Commerce to clean up the former Rayovac Corp. property in the 2400 block of East Washington Avenue at Winnebago Street.

McGrath Associates plans to build 447 condominiums and apartments on the site, which was contaminated by industrial use.

The firm also plans to build commercial space that may include a grocery store, clinic and pharmacy.

The Union Corners project is estimated to cost $70 million.

East Washington project moves ahead

The Madison City Council gave unanimous land-use approvals for developer Gary Gorman's proposed $80 million project featuring a 10-story tower and eight smaller buildings on the 800 block of East Washington Avenue, a gateway to the Capitol.

The development, intended to "create a neighborhood within a neighborhood," would include 309 condominiums, roughly 15,000 square feet of retail space, a private street, pedestrian walkway and landscaping, and 524 mostly underground parking spaces.

The project would cover the block that holds the Don Miller auto dealership next to Breese Stevens Field. The dealership is moving to High Crossing Boulevard on the far East Side.

It was the first of several major redevelopment projects proposed for the street to get land-use approvals. Developers say the idea is to create a living and working community in the mostly industrial East Washington area.

Gorman, who will now pursue approvals for design and other details of the project, hopes to break ground this year.

Blaska buys East Side property

Former farmer John Blaska has bought nearly 300,000 square feet of warehouse and business property along Stoughton Road on Madison's East Side.

The property, assessed at $9.3 million, is at 2009-77 S. Stoughton Road, 4501-55 Helgesen Drive and 2532-56 Advance Road.

Tenants include Wisconsin Physicians Service, Jay's Foods, Webcrafters, Lubriquip, Natural Farms,EDS Information Systems and Placon. Blaska, president of Oakleaf Properties, developed the Oaks golf course near Cottage Grove. Blaska said he has no plans to develop the property, which he bought from Ross Menard with proceeds from the sale of his family farm.

Developer sells properties

T. Wall Properties has sold East Point Plaza, 1601 to 1721 Thierer Road, to East Madison Real Estate IV and Rush Hour.

The Madison developer has also sold East Prairie Commons, 4237 and 4261 Lien Road, to Madison Investments II.

Park Bank plans Verona branch

A 5,000-square-foot Park Bank branch will be built in Verona at 104 Main St., the site of a nowclosed Hardee's restaurant.

The building, scheduled for completion this fall, will be Park Bank's 11th area branch and will employ eight to 10 people.

It will have three drive-up lanes and an ATM. Park Bank, founded in Madison in 1966, has more than $450 million in assets.

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