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Two former Rosebud properties were sold in August
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By CHUCK CLEMENT, Staff Reporter
| 10/01/2008 |
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To facilitate Rosebud Manufacturing's move to the Lakeview Industrial Park, the Lake Area Improvement Corporation purchased several downtown properties in February that once housed Rosebud's operations. Since that time, LAIC has sold several of the properties and is currently marketing the remaining real estate. Dwaine Chapel, LAIC executive director, reported that one of the buildings -- property on the northwest corner of S.W. 1st and S. Van Eps -- was sold for $35,000 in late August to Rick Barger of Barger Electric.
Another piece of undeveloped land in southwest Madison, Lot 3 in Gienapp's Industrial Park, was sold to the owners of Domestic Seed and Supply. That lot -- near one of Domestic Seed's plants -- was purchased for $500 in mid-August.
LAIC's purchase of the former Rosebud properties was partly caused by the closing of the Arctic Cat plant in the Lakeview Industrial Park in early 2008. Rosebud officials have said that they were already studying plans to move their production facilities to a new location in the industrial park. The end of Arctic Cat in Madison provided an already-constructed plant building for Rosebud to use.
On Feb. 15, LAIC purchased the Arctic Cat plant and another 10 undeveloped acres in the Lakeview Industrial Park for $800,000 from the snowmobile and all-terrain vehicle manufacturer. Later the same day, LAIC sold the plant building to Rosebud Manufacturing Co. for $780,000 but LAIC kept the ownership of the undeveloped land. In addition to the sale, LAIC purchased several downtown properties from Rosebud on Feb. 15 for $500,000.
Rosebud had operated from about five different buildings in downtown Madison. Its offices were located at 111 W. Center across the street from City Hall. On Feb. 15, the city signed an agreement purchasing the west half of the block from W. Center to S.W. 1st for $400,000.
The former Rosebud properties that the city currently owns are on the real estate market, according to Mayor Gene Hexom, and the city has made Chapel the marketing agent for their sale. Hexom said the city has made no other plans for the property.
As part of the downtown buildings transaction, LAIC also purchased from Rosebud two buildings at 213 and 219 S. Egan Ave. Chapel said he's talking to interested parties about the sale of those buildings.
"We're in negotiations right now," Chapel said.
This summer, Rosebud completed the move to its new manufacturing plant and held a grand opening. Company officials announced in 2007 that they wanted to start producing a new countertop line of products. The expansion was expected to create 20 additional jobs at the company.
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