Multi-million dollar redevelopment planned for Edgewater

Hammes Co., a Wisconsin-based national real estate development firm, has announced a $100-million redevelopment of the Edgewater Hotel, the Madison landmark on Lake Mendota.

The redevelopment plan includes a combination of improved public access to Lake Mendota and improved accommodations. The redevelopment plan calls for the renovation of the original 1940s-era hotel building, the creation of a large public plaza overlooking Lake Mendota and the construction of a new building across the plaza from the hotel, which will include hotel, residential, retail and restaurant spaces.

“Our goal for the redevelopment of the Edgewater Hotel is to create an extraordinary destination that is uniquely Madison,” says Robert P. Dunn, president of Hammes Co. “The property’s place at the intersection of downtown, the university and Lake Mendota provides us with a one-of-a-kind opportunity to create a community centerpiece that improves public access to the lake, enhances Madison’s profile as a destination city, and drives further development in our neighborhood and the rest of downtown Madison.”

The Edgewater redevelopment project is expected to have a significant economic and fiscal impact on the greater Madison area. More than 900 to 1,000 jobs will be created during the construction of the project, plus 500 new jobs will be created from the hotel when the project is completed. The fiscal impact generated annually will be in the range of $20 to $30 million dollars.

 “The redevelopment plan we’ve unveiled today is the result of an exhaustive process of internal research and external outreach,” says Dunn. “During the past 18 months, we’ve held more than 225 meetings with community interest groups, including neighbors in the Mansion Hill area. The feedback we received at these meetings directly influenced our redevelopment plan and we look forward to continuing to work with our neighbors. We likewise look forward to continue to positively engage city government leaders as our plan for the Edgewater begins its way through the city of Madison’s approval process.”

MOVERS

>> Nick Pasquarello has been named outreach administrator for the UW Family Business Center.

>> Jesse Oberloh has joined The Alliance as member services manager.

>> Baird has added six wealth management professionals to its two Madison-area offices. Joining Baird’s Madison West office are Financial Advisors Christopher M. Yesbeck, CFP, vice president, Brook A. Delgado, CFP, vice president and Dick Pfahler, vice president. Registered Client Relationship Specialist Debra Wolff and Registered Client Relationship Specialist Lisa Whinnery of The Yesbeck Delgado Group have also joined this office. Financial Advisor Meg Prestigiacomo has joined Baird’s Pinckney Street office.

>> La Crosse-based Dairyland Power Cooperative has hired Emily Hiatt as government relationships representative.

BUSINESS BRIEFS

MADISON: Dr. Michael Ostrov, M.D., medical director of Group Health Cooperative of South Central Wisconsin (GHC-SCW), in June met with White House staff to discuss how health systems can positively impact the quality, cost and value of health care.

LA CROSSE: The Public Service Commission of Wisconsin has presented Kwik Trip with the state's Excellence in Energy Efficiency Award in recognition of Kwik Trip's efforts to implement energy efficiency and environmentally friendly projects throughout the state. With the help of Focus on Energy and $216,670 in cash incentives, Kwik Trip has completed more than 335 energy efficiency projects at more than 200 of its Wisconsin locations since 2006. Its efforts have saved more than 4.1 million kilowatt-hours of electricity and 1,600 therms of natural gas — enough energy to power 415 homes for a year. Kwik Trip will also save more than $297,000 in annual energy costs.