Contact:
Sarah Carpenter
Director of Community Relations, Hammes Co.
+1 608 698-0818
For Immediate Release
MADISON, Wis., June 28, 2009 – Hammes Co., a Wisconsin-based national real estate development firm, today unveiled its plans for the $100-million redevelopment of the Edgewater Hotel, the legendary Madison landmark on Lake Mendota.
The redevelopment plan includes a unique combination of improved public access to Lake Mendota and first-class accommodations, all aimed at returning the Edgewater to its place as a premier Madison destination.
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 ‘40s hotel that includes hotel, residential, retail and restaurant spaces.
One of the project’s chief goals is to provide the public with improved access to Lake Mendota, one of the city’s most beautiful natural features. The public plaza that overlooks the lake will create an inviting place to relax and observe Lake Mendota and the view back to the State Capitol. A terraced staircase that provides access to the Lake Mendota waterfront, will gradually cascade down to the waterfront and welcome pedestrians to the famous Edgewater Pier and boardwalk along the water’s edge.
The redevelopment concept also includes approximately 240 hotel rooms and extended-stay suites, meeting and conference facilities, retail space, a spa and wellness center, and a range of both casual and fine- dining restaurants, including an expanded restaurant at the Pier and the restoration of the Rigadoon Room.
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.
“Our goal for the redevelopment of the Edgewater Hotel is to create an extraordinary destination that is uniquely Madison,” said 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 redevelopment plan we’ve unveiled today is the result of an exhaustive process of internal research and external outreach,” Mr. Dunn said. “During the past 18 months, we’ve held more than 225 meetings with community interest groups including neighbors in the Mansion Hill area, including residents, businesses, property owners and civic organizations. 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.”
The company anticipates formally submitting its Edgewater redevelopment plan to the city in July. The plan must be reviewed and approved by the city’s Landmarks, Urban Design and Plan Commissions. The City Council must give final approval to the redevelopment project before it proceeds. The company expects to begin construction early in 2010 and to open the redeveloped Edgewater Hotel by early 2012.
