Madison- Future Resort/Condo/Hotel/Apt

Multi-Family for Sale
Catylist Listing ID: 30040978
Property Subtypes: Mid-Rise, Mixed Use, Senior Living
Number of Units: 1 Units
Building Size (RSF): 100,487 SF
Gross Building Area: See Agent
Gross Land Area: 6 Acres
Sale Price: $1,650,000
Unit Price: $1,650,000 Per Unit
Property Use Type: Vacant/Owner-User
Building Name: Eagle Cotton Mill
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/17/2017

Overview / Comments

DOWNTOWN MADISON- Been there? If not, you need to check out the links I have added and you will undoubtedly want to visit and may end up staying there for the rest of your life. Plenty to do and see with wineries, boutique shops, antiques, music, art, plays, eateries, coffee, ice cream, bars and pubs, museums, other neat and unusual places plus a visitors center. The main building is a 4 story, almost 90,000 sq ft waiting for your rehab project as condos, boutique hotel, multi-family all of which could offer some of the greatest space in all of Downtown Madison with the added features of mixed use approach with restaurants, shops and more. This is an approximate 6 acre site that could be as it is or possibly add a building or 2 and keep all of the other structures as well (with an approved plan). New Duralast roof in 2009. Indiana tax credit filed for the Industrial Recovery Tax Credit (IRTC) before Jan 2015 changes allowing for more tax credits. The City is positioned to provide some assistance with infrastructure and other needs that a Developer would need to make this a economically feasible project. The main building was built in about 1887 and is known locally as the Eagle Cotton Mill. It has a fantastic rive view, 320 linear feet of riverfront where you can watch or get involved in one of the many local events that draw in 10,000-150,000 people plus. Watch a modern day riverboat land out front bringing Ohio River water travelers to town. The entire Downtown is on the registry of Historic Places. There is a bike route & riverfront walking is very popular. This is clearly a "quality of life" development that could draw folks in from afar. They also just replaced the previous bridge with a new $130m bridge connecting Madison and Milton KY and you can easily walk across as they added a pedestrian walkway on the side. There are so many things going on in Madison as the City works to draw more folks to Madison to live and play. City officials have just finalized the new comprehensive plan and they are eager to get everything moving and growing the area. So check out www.Visitmadison.org, try the Farmers Market when in season, participate in the Madison Area Arts, talk to the Madison Main Street representative about preservation and promotions of local events. Hot off the press- Madison is 1 of 6 Cultural Districts in the Sate of Indiana. Madison is currently in the running and has been selected as 1 of 8 finalists for the America's Best Communities Competition 2017. Lots more to say but the best way to get a feel for what this place could be- visit soon!

Additional Details

Nearest MSA: Madison
County: Jefferson
Tax ID/APN: 39-13-02-143.006-000-007
Zoning: GENERAL BUSINESS DISTRICT (GB)
Property Located Between: St Michael Ave and Vaugn Dr
Highway Access: Hwy 421 is Downtown. You call head west out of the Downtown area and take Hwy 62 in toward Charlestown & Jeffersonville and catch I-65
Site Description: On the river, 6ac site waiting for rehab developer, could possibly add another building or 2 with approved plan and still keep the existing main building. There is also an existing bldg. that could immediately serve as the construction office and more. It could then be rehabbed for possibly a winery or other retail shops etc.
Area Description: Madison is a great place. I think they should adopt a promotional campaign and say- Madison, you'll LOVE IT! It only takes once! It really is a neat Historic Downtown. Its the only Nationally recognized Historic Downtown whereas the entire Downtown is registered. Boutique shops, pubs, bars, restaurants, ice cream, wineries, local hotels, museums, antiques, music, shows and plays, a great collection of historical homes and commercial buildings and quite simply a place you would want to live.,
Year Built: 1883
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Period brick, lots of windows, plenty to work with
Parking Type: Surface
Parking Description: The site could have more than ample parking. There is also free City street parking.
Interior Description: Huge open space with center supports that were consistent with buildings at that time. Equal spacing layout on each floor and is basically the same.
Zoning Description: The purpose of the General Business District(GB) district is to encourage the establishment of areas for general business uses to meet the needs of a regional market area. Activities would include large space uses such as department stores, service stations, specialty stores, and the like. Shopping centers are good examples of types of uses in the GB district. Due to the scale, it is absolutely necessary that this district be located on an arterial or a collector street as specified by the City Plan Commission or the INDOT. Specific provisions for this district are set forth in Section 6.20. So basically, a large variety of uses including public, cultural and even high density residential would be encouraged.
Water Service: Municipal
Sewer Type: Municipal
Legal Description: 011-04164-01 PT SCOTTS GARDEN 11-134-42.1 Vaughn Dr Main parcel is 39-13-02-143-006.001-007

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,055 11,874 18,138
Median Age: 46.14 42.58 41.79
Households: 1,053 5,233 7,574

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