Seeking a headquarters it could own in downtown Madison, the Wisconsin Housing and Economic Development Authority found few existing or proposed buildings that could fill its need for a large block of office space and on-site parking near Capital Square.
After initially expanding the search area, WHEDA eventually decided to move into the Archipelago Village condominium development at 908 E. Main St., a complicated deal that earned a CoStar Impact Award as judged by real estate professionals familiar with the market.
Although the master plan for the mixed-use project did not include third-party development, Curt Brink, proposed adding a five-story, 90,000-square-foot office building that WHEDA would own, connected to 225 parking stalls to be constructed in a yet-to-be built parking garage that the organization also would own.
The deal structure included creating a condo plat for the office building and creating a shared parking garage connected to the office building by a skywalk. Because the office building’s site had been serving as Hotel Indigo parking, that parking was relocated while the parking ramp could be built.
About the project: The project at 908 E. Main St. kicked off in June 2020, in the uncertain early months of COVID-19. WHEDA moved into the $29 million-plus project in February 2022.
What the judges said: “This was a long, difficult transaction that helps to change the office market,” wrote judge Wally Sauthoff, managing director at NAI Greywolf.
They made it happen: Matt Brink of 360 Commercial Real Estate, Jenny Lisak and Annette Gelbach of Key Commercial Real Estate, Curt Brink of Archipelago Village, Doug Hursh of Potter Lawson, B.J. Galle of Ideal Builders, Mike Engen of Engen Construction Solutions, Jessica Piatt of Old National Bank and Matt Carlson of Carlson Black O’Callaghan & Battenberg.
