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Industrial Development Board approves amendment to Madison Station project to front‑load affordable units, remove parking garage from phase 1
Summary
The Industrial Development Board voted to approve a first amendment to the Madison Station project agreement that reduces density for phase 1, replaces a planned parking garage with surface parking and places all 170 affordable units into the first phase; the chair recorded an abstention.
The Industrial Development Board on Sept. 10 approved a first amendment to the Madison Station project agreement that reduces density in phase 1, replaces a planned parking garage with surface parking and front‑loads affordable housing into the initial phase.
The amendment is intended to make the first phase financially feasible after market changes since the project’s original approval. Jim Murphy, attorney with Bradley Law Firm, introduced the developer team and Daniel Forbes, asset manager for Artesia Real Estate, told the board the original phase 1 design “became economically infeasible” after interest‑rate and cost spikes and that the changes will allow the project to move forward more quickly.
Board members said the amendment matters because it moves affordable housing into construction sooner. The developer agreed to a minimum of 170 units in phase 1 — all affordable at…
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