City Partners with Centro Hispano on New South Madison Facility with Land Swap Deal and Early Investment
Groundbreaking on New Site Happening Wednesday
The City of Madison is proud to celebrate with partner Centro Hispano as the nonprofit breaks ground on its brand new building this Wednesday, February 22 at 3 pm. Centro is South Madison’s cultural and economic hub for the Latinx community, helping families reach their goals through engagement and other supportive tools.
The groundbreaking on the new facility located on the corner of Hughes Place and Cypress Way comes on the heels of a purchase and sale agreement just finalized by the City and community group earlier this month.
About the New Site:
The City purchased a vacant commercial property on the 800 Block of Hughes Place and combined it with two vacant City-owned lots right next to the property. The combined properties were sold to Centro for $1. The City then purchased Centro’s existing building on Badger Rd. at fair market value for $1.7 million.
“This purchase not only helps support Centro’s capital campaign for the new facility, but also advances the City’s own redevelopment initiatives consistent with the South Madison Neighborhood Plan adopted by the Common Council last year," said Mayor Satya Rhodes-Conway.
Plans for Redevelopment:
The new $20 million, 25,000 square foot facility will allow Centro to stay in its long-time neighborhood while allowing for a much needed expansion of services and programs. Centro says its new building will provide safety, sustainability in building design, enhanced accessibility, and the square footage needed for an essential expansion of youth and workforce programs. Plans include an indoor/outdoor plaza space to host community activities, events, and celebrations in addition to a level of underground parking and surface parking spots.
Supports South Madison Plan:
The redevelopment of Centro will also be valuable to many South Madison residents as the City works to bring Bus Rapid Transit (BRT) to the Park Street Corridor. The City has plans to develop new affordable housing units and other community-serving buildings in the surrounding area.
“This ‘land swap’ with Centro unlocks the highest and best use potential of a key gateway block in South Madison by utilizing surplus City land and supporting the long-term growth and stability of a long-term community partner,” said City Planning, Community, and Economic Director Matt Wachter.
This is all part of the City’s ongoing commitment to South Madison and its residents. The City is seeking approval of a new Tax Increment Financing (TIF) district (TID 51) that will provide an estimated $115 million in financial support, including $99 million in TIF funding for South Madison. Click here to learn more about the proposal.
- Liz Stanislawski, 608-266-9013, firstname.lastname@example.org