The City of Monona began proactive planning for a major redevelopment project at Bridge Road, Broadway and the Yahara River in 2012. This project has been referred to as Monona's Riverfront Redevelopment Project. From late 2012 to 2017, the City worked with the public, various city committees, and consultants to complete preliminary site work and studies including site surveys, public input surveys, market analysis, geo-technical reports, traffic impact analysis, and more. A Redevelopment Area (#9) and Tax Increment Financing District (#9) were also created. In addition, the City contracted to complete demolition of existing buildings and partnered with Madison Metropolitan Sewerage District to relocate a large 60" diameter septic sewer line. Throughout the planning stages, the City met with prospective developers to review development concepts. Studies and documents produced from these early planning stages are available on this web page.
In August 2017, the City signed a master development agreement with Galway Companies to carry-out the development in a three phase, approximately $36 million project. With a private development partner now secured, the name of the master plan has been referred to "Yahara Commons". Galway Companies, together McGann Construction, broke ground on the first phase of private development, "The Current", in March 2018.
An overview of the development components is as follows:
- Phase I: "The Current". Mixed-use, approximately $14 million redevelopment project including 96 rental residential units and approximately 25,000 square feet of commercial uses including an anchor restaurant, office, and retail spaces. This phase was approved via a Precise Implementation Plan in June 2017 and is expected to open in summer 2019.
- Phase II: 140-160 Residential Units. A Precise Implementation Plan for Phase II has not yet been submitted.
- Phase III: Avid Hotel, a 92-Room mid-scale limited service hotel by Intercontinental Hotel Group and Kinseth Hospitality. This phase was approved via a Precise Implementation Plan in May 2018 and is expected to open in summer 2019.
- Public Improvements: Reconstruction of Metropolitan Lane from Bridge Road to a new access point on Broadway as well as a newly constructed east-west street from Metropolitan Lane to Bridge Road. A 0.6 acre public, waterfront park will be constructed and programmed by the City of Monona Parks Department.