03 Nov Exact Sciences to expand at University Research Park, not Downtown
In a major turnabout, Exact Sciences Corp. is withdrawing from the massive Judge Doyle Square project south of Capitol Square and now intends to expand at the University Research Park on the West Side, company officials announced Monday.
JDS Development, which had been spearheading the $200 million Judge Doyle Square project with Exact Sciences as an anchor tenant, may also be out of the project as the city revisits other suitors for the blocks that now hold the Madison Municipal Building and the Government East parking garage, city officials said.
Mayor Paul Soglin, Exact CEO Kevin Conroy and University Research Park managing director Aaron Olver revealed details of the changes at a news conference Monday afternoon. JDS, made up of the Hammes Co. of Madison and Majestic Realty of Los Angeles, did not attend the event.
“While the chance to build a headquarters downtown was incredibly appealing, an opportunity to develop a campus allows us to bring our team together and make a prudent investment that benefits the company and community for the long term,” Conroy said in a statement.
The city remains committed to working with Exact Sciences in its expansion at University Research Park, Soglin said in a letter to City Council members on Monday.
“There’s no question having Exact Sciences with its corporate headquarters Downtown was our preference,” Soglin said at the news conference. But the announcement Monday is a second choice, “which is pretty good, darned good at that,” he said.
Ald. Mike Verveer, 4th District, said he was disappointed Exact won’t be moving Downtown. “However, I’m relieved they’re staying in the city of Madison,” he said. “It’s a win for the city.”