The Madison Building at 400 Washington Street was sold for $2,500,000. Developer David Hasenfeld, owner of Madison 2020 LLC, New Castle, Delaware, has an adaptive reuse plan to create 85 high-end apartment units with both one and two-bedroom floor plans.
The apartments will range from 561 square feet to 981 square feet. Each apartment will come with a kitchen, bathroom and laundry. The building will also have common areas and a private gym. Within the building’s glass ceiling atrium, Hasenfeld said he plans to create a café, as well as some undetermined commercial spaces on the first five floors.
Lee C. Olsen from Olsen Design Group Architects is the project architect. Olsen said no major changes would take place to the exterior of the building.
Hasenfeld hopes to have tenants in the building by early next year and the building finished seven to eight months after that. He said it would take 18 to 24 months to fill the entire building.