Madison Apartments Rental, Small Business Lending - Madison Development Corporation
Bassett Warehouse Apartment Renovations
Coinciding with the 100th birthday of the 1914 Bassett Warehouse Building, MDC is nearing completion of a total renovation of the building. This $1 million investment by MDC in the property is now completed on the exterior. The building’s façade has been totally repaired and renovated to “as new” condition, ready for the next 100 years.
The building has also undergone lots of work on the inside. Seventeen of the building’s 27 apartments have been fully remodeled with new color schemes, flooring, bathrooms, kitchens, appliances and lighting. The remaining ten units will be remodeled during the August 2015 apartment turnover.
The building’s boiler system has been updated which should result in nearly 50% energy savings for heat and hot water. Shortly, the outdated elevator will be replaced as well.
This landmark building at the corner of West Washington and North Bedford was originally converted by MDC to apartments in 1981. It helped initiate a resurgence of the entire Bassett Neighborhood then, and remains one of its signature buildings. We are happy to make this continuing investment in our neighborhood and the quality of life for MDC’s tenants.
SoLoMo wins Steve Case “Rise of the Rest” business pitch contest
We at MDC are elated that one of our Venture Debt loan borrowers, Liz Eversoll and her early stage business: Solomo, won the Madison “Rise of the Rest” business pitch competition. We are equally pleased that 4 of 8 Madison businesses presenting at the event are MDC borrowers. These also include Matt Younkle of Murfie, Beth Donley of Stemina BioMarker, and Amelia Baxter of Whole Trees. All except Whole Trees are funded by the Venture Debt Program. Whole Trees is a client of our City CDBG-funded Business Loan Program.
The Rise of the Rest is sponsored by Steve Case, co-founder of AOL and his new venture fund, Revolution. Liz received a $100,000 investment from Case’s Revolution fund and wins a spot to present at the SWSX technology fair in Austin Texas next spring. The Rise of the Rest bus tour features the entrepreneurship in 5 Midwest cities where creativity is catching up with the east and west coasts.
The event and Steve Case’s visit received great news coverage on local television and print media, bringing better public visibility to Madison’s robust entrepreneurial scene. MDC has been a big part of the growth of early stage businesses, as evidenced by the strong presence of MDC customers in the competition. MDC’s Venture Debt fund has financed almost 40 early stage technology businesses.
We appreciate the support of our many partners in the Fund.
MDC's 2013 Jobs numbers are in!
MDC's active portfolio of Community Development Block Grant (CDBG) funded loan customers and our Venture Debt borrowers employed a total of 708 people as of the end of 2013. In 2013, these borrowers hired a total of 199 new employees.
Ninety-three of these new hires were in full-time jobs. Of these new hires in 2013, 88% were paid above two times the minimum wage, which we define as a high "quality" job. This is the highest percentage ever reporting quality job levels! Of the jobs created in 2013, over 50% were filled by low-and moderate-income people prior to their hire.