A state board has offered its initial approval for Madison Area Technical College’s plan to lease its Downtown campus for a $130 million private development.
The Wisconsin Technical College System Board unanimously approved Wednesday the concept to convert MATC’s Downtown Education Center into a hotel, office building and retail space, bringing the proposal by Madison-based Hovde Properties and hotel developer Drury Southwest closer to an intended 2019 start date.
In May, MATC’s Board of Trustees voted to begin negotiations with the development team after it was selected from five finalists seeking to develop the block just off Capitol Square.
College officials intend to move programs to the city’s historically under-served South Side.
Mark Tyler, president of the Wisconsin Technical College System Board, said he fully supports the plan to lease the property, adding that it’s an “interesting concept” that allows the college to avoid costly upgrades to the two aging buildings.