Apex Presentation to the James Madison Park Neighborhood September 21, 2009
This is very early into the development process. Apex would like to work with James Madison Park Neighborhood Association to create a lasting icon for the City. We want to introduce ourselves to the Neighborhood. We would like to attain the necessary input to achieve consensus in coming meetings. And we would like the architects to share with you where we’re at in the very fluid design phase.
Bill White, Process Consultant Bruce Bosben, Chairman of Apex Enterprises, Inc. Bert Stitt, Neighborhood Consultant/ Facilitator Bob Feller, Architect with Iconica Paul Soglin, Consultant Matt Tills, Architect with Iconica Steve Yoder, President of Apex Enterprises, Inc.
Apex currently owns or controls eight lots on Mifflin, Webster and Butler The Frank Lloyd Wright’s Lamp house sits in the middle of the block The McCormick Ramp, known as the Capitol Square North Ramp, was designed for four more floors and is under utilized The City would like to sell those air rights above the ramp Apex would like to create 140 owner occupied units
Founded 23 years ago by Bruce and Brian Bosben with two of their College friends Start up capital generated by paper routes and pizza delivery Bosben family has been in Madison for 150 years Passion for the City and for historic preservation Policy is long term hold on all properties Portfolio includes downtown mansions: Ford, Bowen, Kubly, Hurfurth, Timothy Brown, Frederick Brown, Lougee, Fauerbach and the Robert Lamp House
In the past 23 years, Apex has: Rehabilitated 120 units to restore historic elegance while adding modern amenities at an unsubsidized cost of $6,000,000. Replaced outdated steam boiler heat in 121 units with modern high efficiency furnaces at a cost of $1,200,000 Four properties on the National Historic Registry Headquartered in the Chicago Northwestern round house built in 1912 With a caboose in the lobby
Before After
After After
Before After
Before After
Before After
We own $100,000,000 of local property Apex Property manages $300,000,000 worth of property for other owners We own and manage 400,000 square feet of commercial property including Market Square and the Clock Tower Court We also own seven operating companies We have 70 full time employees We pay $1,500,000 in annual property taxes
Market Square Clock Tower Court
Retain the best development consultants in the city Bill White, Process Consultant Bert Stitt, Neighborhood Consultant/Facilitator Paul Soglin, Consultant Partner with the best service providers Iconica, as Design / Build contractor and architect Diligently work with James Madison Park Neighborhood to define the project and related public investments
As the project evolves, continue constant review of project financials Stay in touch with the neighborhood Continue monitoring financial markets as economy improves As the project and the budget solidifies, close deals with lenders Break ground the fall 2010 Construction is completed 2012
There is a shortage of owner occupied housing with parking Could create a park with a Frank Lloyd Wright visitor center Increase the utilization of the Capital Square North Ramp Increase city tax base by about $550k per year City would enjoy the revenue from the air right sale
Address Zoned Lot Owner Tax Use 201 E Mifflin St C-2 4,356 Claire-Mira $7,914 Apartments 209 E Mifflin St C-2 5,412 Apex $8,722 Apartments 215 E Mifflin St C-2 3,300 Apex $5,298 Apartments 218 E Mifflin St C-2 69,698 Madison Parking Ramp 219 E Mifflin St C-2 2,112 Apex $9,148 Apartments 223 E Mifflin St C-2 2,270 Apex $8,220 Office 22 N Butler St C-2 HIS 6,996 Apex $7,359 Apartment 19 N Webster St C-2 2,970 Claire-Mira $9,971 Apartment 23 N Webster St C-2 2,970 Claire-Mira $10,543 Apartment Totals 30,386* $67,175 * Does not include 218 E Mifflin St
Four unit apartment Parking for one car 2.5 Stories Total living area 3,489 Built in 1899 Assessed at $450,000 Owner, Apex
Two unit apartment Parking for one car Two stories Total living area 2,172 Built in 1892 Assessed at $263,100 Owner, Apex
Four unit apartment No parking Two and a half stories Total living area 2,935 Built in 1904 Assessed at $471,900 Owner, Apex
Converted to offices No parking Two and a half stories Owner, Apex
Five unit apartment No parking Two stories Total living area 3,668 Built in 1904 Assessed at $460,000 Owned by Claire-Mira LLC
Four unit apartment Parking for one car Two stories Total living area 3,648 Built in 1894 Assessed at $502,200 Owned by Claire-Mira LLC
Two unit apartment No parking Two stories Total living area 2,163 Built in 1886 Assessed at $392,200 Owned by Claire-Mira LLC
Single rental unit No parking Three stories Total living area 2,020 Built in 1903 Assessed at $355,000 Owner, Apex
Demo or relocate all six buildings along East Mifflin and two on North Webster Build two separate owner occupied towers on a single underground parking lot Dedicate 209 E Mifflin St and 22 N Butler St, totaling 12,408 square feet, to a park and Lamp House visitor center
Demo or relocate all six buildings along East Mifflin and two on North Webster Build a large, owner occupied, building with a large opening on 209 East Mifflin lot Dedicate 209 East Mifflin and 22 N Butler as park with Lamp House as visitor center
Demo or relocate all six buildings along East Mifflin and two on North Webster St Relocate the Lamp House to near N Webster St Dedicate 19, 23 N Webster and 22 N Butler as 12,936 square foot park with the Lamp House as a visitor center Build a large single building on the balance of the lots
Demo or relocate 209 Mifflin St Dedicate 209 E Mifflin St and 22 N Butler St as 12,408 square foot park with the Lamp House as a visitor center Build one floor of parking on top of Capital Square North Ramp Build four floors of owner occupied residential units on top of the new floor of parking Determine appropriate future use of remaining properties
Presenters are: Matt Tills Bob Feller
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