Committee recommends TIF to convert 310 West Wisconsin East Tower to 220 apartments

Time Equities representatives described plans to convert the East Tower of the Blue Building into roughly 220 apartments, with about 50 units set as workforce housing and projected rents averaging about $2.70 per square foot. Seth Costin and Brad Gordon said the company has invested roughly $30 million in the property since acquisition and now sees conversion as viable given proposed tax incentives. They described underwriting that anticipates studio and one‑bedroom rents in a range consistent with workforce units and discussed parking and clawback/IRR provisions in the TIF term sheet.

City staff clarified cost‑savings and clawback mechanics—if the developer comes in under hard cost estimates the city receives a share of savings, and the TID contains an IRR participation provision that shortens the TID if proceeds exceed a threshold. Committee members asked about local market positioning, parking and TIF terms; the committee moved to recommend adoption of the substitute resolution and development agreement.