Monona breaks ground May 1 on new riverfront redevelopment

Posted by on Apr 20, 2018 in News | Comments Off on Monona breaks ground May 1 on new riverfront redevelopment

Monona breaks ground May 1 on new riverfront redevelopment

MONONA, WI: On May 1, the City of Monona held a groundbreaking event for an approximately $40 million phased redevelopment project. The project covers more than 6 acres of land bound by Broadway, Bridge Road, and the Yahara River–making it the largest redevelopment in Monona’s history.  The development will be a focal point of the city’s commercial district offerings and provide a new waterfront park for its residents while attracting residents, customers and recreational enthusiasts from across the Madison and Dane County region. 

Construction of the almost $14 million Phase I of the development is underway by Galway Companies with McGann Construction as the general contractor. When this initial phase, named “The Current” opens in summer 2019, it will bring 96 units of new rental apartments online as well as 30,000 square feet of retail and restaurant tenants on the first floor. Anchor tenants will include a Madison-based upscale-casual restaurant and a coffee shop as well as the Tasting Room of Monona, a local wine and cigar lounge that has been located on Monona Drive since 2003.  The Tasting Room’s new location will include an expanded interior lounge, large walk-in humidor and a spacious outdoor patio area with fire tables adjacent to the river with easy access to public boat slips.

Also in the works is a new Avid Hotel by Intercontinental Hotel Group (IHG) on the site, with 92 guestrooms on five floors.  Avid is the latest midscale hotel offering from IHG, and is anticipated to be a cutting-edge facility featuring modern guestrooms and social connectivity fostered by an open, large lobby and common spaces.  This $9 million development also expects to open its doors in summer 2019.

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