Despite a COVID-19-saddled economy, developers are proposing some multimillion-dollar projects in Verona this summer.
Costco submitted plans for a 161,000 square foot store in early June, and the Plan Commission will review that and two other large projects at its Monday, July 6 meeting, which starts at 6:30 p.m.
Each project could open as soon as 2022, with one of them starting as soon as August. The other two would require several more steps before approval and would be getting feedback from the commission Monday.
One project is a 68,000 square foot expansion of Millipore Sigma’s chemical plant at 1101 Kettle Moraine Trail. The addition would more than double the size of the building, allowing the production of chemicals that are of higher potency.
Millipore Sigma was previously known as Sigma Aldrich Fine Chemicals, or SAFC. Then-Gov. Jim Doyle attended both the groundbreaking on the $31 million, 51,000 square foot building in 2008, and its ribbon-cutting in April 2010.
The commission will be asked to waive its usual initial review of the project and approve the site plan immediately so the company can stay on schedule for an August groundbreaking, community development specialist Katherine Holt told the Press. Normally, such projects, especially ones that large, require at least two visits to the commission.
Another large project, at 410 W. Verona Ave., would complement the Sugar Creek Elementary School land across the street the city is planning to have redeveloped.
Northpointe Development Corporation is proposing to tear down the existing Klassik Tavern and Old National Bank between the water tower and Legion Street, and redevelop it into a 1.9 acre mixed-use project with two buildings. One would have 79 apartments – most considered “affordable” – in a four-story building with underground parking and a roof terrace, and the other would be a 9,300 square foot commercial building anchored by a smaller Old National Bank branch with a drive-up ATM.
Affordable housing is defined by federal definitions and county statistics as limiting rent or mortgage prices to 30 percent of that household’s income for a household making either 80%, 60%, 50% or 30% of the median household income. For a family of four in Dane County, that median income is $100,100.
The range of rent-restricted units is only listed as some 30 percent and some 60 percent, and the amount likely would depend on tax credits for the project, which is similar to the Park Verona Apartments a block to the west. Northpointe would seek tax-increment financing to help pay for the affordable housing.
The Costco would use most of the 26-acre northwest corner of the Verona Technology Park, at County Hwys. PB and M, though six acres would be reserved for outlots, and the site would include a gas station. It would begin construction in a year or two and open in the summer of 2022 or 2023.