Kyle Geissler talks with Janesville Gazette reporter Stacy Vogel about the progress of a mixed use development in downtown Edgerton.
Construction continues Monday on Fulton Square, a development in downtown Edgerton. Financing questions delayed work this summer, but Mayor Erik Thompson says he can’t wait to see it completed.
EDGERTON — After looking at a shell of a building all summer, Edgerton's mayor can't wait for the Fulton Square project downtown to be finished, he said.
"I wish it would move a little bit faster," Mayor Erik Thompson said. "I know there are a lot of businesses downtown that are itching to see that thing done and the parking lot finished, as I am."
The mixed-use development at Fulton and Main streets seems to have a couple of strikes against it:
-- The project got under way last fall, just as a mortgage crisis sent national housing markets into a tailspin.
-- Over the summer, construction stopped at the site for a few weeks because of weather and financing questions, fueling rumors the project might be going under.
But work has started again on the $6 million development, and Edgerton officials say they are optimistic the project still will do what it was intended to do: attract new residents, stores and customers to Edgerton's downtown.
The city approved the plan in October 2006 for the land next to the Edgerton Depot, formerly site of a municipal parking lot. The plan included two buildings, connected by a skywalk, with 26 condos, 16,000 square feet of retail space and an underground parking lot.
The developer, Keller Development, also agreed to build a new city parking lot behind Fulton Square.
Edgerton, in turn, agreed to give Keller $1.2 million in tax incremental financing. Officials said the project would balance shops on the north side of Fulton Street and attract new businesses with its wide storefronts.
So far, the new businesses and condo residents have been slow in coming. The development has accepted offers on one condo and 3,000 square feet of business space for a non-retail business, said Paula Carrier and Chris Sweeney, the real estate agents in charge of selling the space.
The developer hoped to pre-sell as much of the space as possible, but people like to see what they're buying, Carrier said.
"Once that building is done, it's going to be so much easier to walk in and say, ‘This is what we have,'" she said.
Carrier and Sweeney said they have heard from young professionals and retired people interested in the condos and are talking to several businesses—including a cigar and wine shop, sporting good store, furniture store and salon—about the possibility of locating in Fulton Square.
They are holding monthly forums for potential buyers, local business owners and curious residents. The next forum will be at 6 p.m. Wednesday at Edgerton Depot, 20 S. Main St.
The agents hope dropping interest rates and the low price of the condos—units start at $112,000—will spur interest in the coming months during a traditionally slow time in the real estate market.
They expect the exterior to be completed by the end of October and hope condos are ready by the end of the year.
"That's when we start kicking it into high gear," Carrier said.
Developer Tom Keller did not return calls for comment Monday.
FULTON SQUARE TIMELINE
2003: Edgerton sends a request for proposals for a project at its municipal parking lot at Main and Fulton streets. Keller Development and another company respond.
Oct. 2006: City council approves a developer's agreement for Fulton Square. It agrees to invest up to $1 million of tax incremental financing in the project and loan Keller about $140,000 for the land.
April 2007: The city amends the developer's agreement to extend up to $1.2 million in TIF funds. Keller asked for the amended agreement after a market study.
October 2007: Construction begins on Fulton Square. The developer expects the building to be completed in July or August 2008.
June 2008: Construction stops for several weeks. The developer blames the delay on weather, material delays and a financing question.
Real estate representatives now expect the building's exterior to be completed by the end of October.
IF YOU GO
What: Forum to discuss progress on Fulton Square, Edgerton's downtown development.
When: 6 p.m. Wednesday
Where: Edgerton Depot, 20 S. Main St.
More info: Check out www.fultonsquareedgerton.com or call Chris Sweeney at (608) 884-4311 or Paula Carrier at (608) 884-8468.