BUILDING BLOCKS: Theory Madison starts climb over State Street parking garage

ADDRESS: 415 N. Lake Street

SIZE: 296,000 square feet, 12 stories

COST: $173 million

START MONTH: January 2025

COMPLETION: August 2026

OWNER: Northwestern Mutual Real Estate and Mortenson Development

DEVELOPER: Mortenson Development and PeakMade Real Estate

GENERAL CONTRACTOR: Mortenson Construction

LEAD ARCHITECT: EUA

PROJECT SIGNIFICANCE: Mortenson, Northwestern Mutual Real Estate and PeakMade Real Estate in mid-January broke ground on Theory Madison, a 12-story housing tower built on top of the State Street Parking Garage redevelopment at the intersection of State Street and Lake Street. Officials said the towers will introduce 213 units with 717 beds to meet the evolving needs of University of Wisconsin – Madison students.

The project is on track for a LEED Silver certification and partnered with UW-Madison’s Department of Financial Aid to offer affordable beds for students, officials said.

“Theory Madison will transform student living at UW-Madison, offering an unparalleled blend of location, design and amenities to foster academic success and personal growth,” said Nate Gundrum, vice president at Mortenson Development. “This project exemplifies the power of collaboration in achieving community priorities like sustainability, affordability and economic vitality,” he added.

Jeff Githens, president of development for PeakMade Real Estate, called the project a “flagship development” for the university.

The 12-story tower is a joint venture between NMRE and Mortenson Development. The latter won a request for proposals bid in 2021 from the city of Madison, as the city looked to rebuild the aging 61-year-old structure with new uses. Over the past year crews from Stevens Construction demolished the old structure and built a new 410-stall parking garage.