Wednesday, September 3, 2014

Hovde Properties Redevelopment Underway in Downtown Waunakee

Madison-based developer Hovde Properties and the Village of Waunakee have come to terms on a development agreement and demolition and construction will commence immediately on the former Koltes Lumber site in Downtown Waunakee. The redevelopment will include premier high quality retail space on the first floor and office space on the second floor. The original building, built in the late 1800s, will remain and the new construction will maintain the ambiance of downtown Main Street.

“We are excited to be redeveloping this important site in downtown Waunakee. This property and original building have great history and we plan to restore the existing facade and use similar design elements on the new construction, all of which celebrate Main Street’s past” says Mike Slavish, President of Hovde Properties. “Village staff and elected officials have been great to work with and we look forward to being an important part of the community.”

This project complements an array of existing Main Street businesses along with a number of other new projects. Village President John Laubmeier said, "The Village Board is happy to see this project as another step in Waunakee’s downtown renewal. In particular, it is wonderful to see that the facade of the new structure pays homage to the historical roots of this site in our community."

When complete, the project is expected to offer nearly 24,000 square feet of retail space, 11,000 square feet of office space, and 3,600 square feet of rooftop space on the northwest corner. Interest in the project has been very strong and Hovde anticipates creating a vibrant mix of retailers and office users both big and small.

Site clearing is already in process and groundbreaking will begin in September. Hovde Properties, along with Krupp General Contractors and Angus Young Associates, expect to complete the project by Summer 2015.

Village Administrator / Economic Development Director Todd Schmidt says that public improvements in the downtown area dovetail nicely with the private investment that is taking place. According to Schmidt, “We are eager for completion of our summer-long Main Street construction project. Along with a new road surface, we will have safer pedestrian crossings, decorative street lights, intersection improvements, bricked terraces, and street benches.” The roadway is expected to re-open on September 19th.