Hammes, Majestic Realty Propose Exciting Plan to Redevelop Judge Doyle Square

New Exact Sciences Corp. headquarters to anchor opportunity to continue reinvigorating downtown Madison

MADISON, Wis.--()--The Hammes Co. and Majestic Realty today announced that they have submitted a proposal to the City of Madison for the Judge Doyle Square project that brings together world-class architecture in a mixed-use setting and could relocate Exact Sciences to downtown Madison. The project also would strengthen Monona Terrace and the downtown as compelling destinations, and bring $125 million in private investment from the real estate developer for the 1,000,000-square-foot project. Exact Sciences would occupy 250,000 square feet as the anchor tenant.

The proposal was developed in partnership with Exact Sciences, one of Dane County’s fastest growing employers. Ground could be broken for the project as early as December 2015.

“Our proposal offers a rare chance to relocate a company’s corporate headquarters to the center of our downtown,” said Bob Dunn, president of the Hammes Co. “We are working closely with Exact Sciences to develop these facilities in the Madison area. Our strong preference is to locate them as the anchor of the Judge Doyle Square development.”

It is believed that the last time a major employer like Exact Sciences brought its corporate headquarters downtown was in 1975, when Verex moved to its new headquarters on Lake Mendota.

In addition to the potential for Exact Sciences to lead the facility as the anchor tenant, the project includes an urban hotel, entertainment establishments, terraced gathering areas on Pinckney Street, a public food hall, health and wellness facilities and other amenities. The project does not include any direct tax incremental financing or TIF support for any private component of the project.

“Welcoming an innovative tech company like Exact Sciences and bringing hundreds of highly-skilled workers downtown is an enormous opportunity for the City of Madison,” said Kevin Conroy, chairman and CEO of Exact Sciences. “This partnership is a chance to invigorate an underdeveloped corner of the city, grow Madison’s tax base and help Exact Sciences attract top talent as we continue expanding.”

The proposed urban hotel complements the other mixed-use components of the project at street level. These components are crafted to create a new enhanced experience for guests of downtown, the hotel and Monona Terrace. The hotel’s room inventory will enhance the competitive position of Monona Terrace in attracting large events.

“We have created an exciting plan for Judge Doyle Square,” Mr. Dunn said. “It brings together a combination of uses that will strengthen our downtown and activate Judge Doyle Square 365 days a year. One of our most important objectives has been to assemble the amenities that strengthen Monona Terrace and the city as a destination. As a result, we believe the economic and fiscal impact on the city of Madison exceeds other proposals that have been presented for Judge Doyle Square.”

A conference center with multipurpose meeting and function space is incorporated in the project to support Exact Sciences offices and can be scheduled for use by the hotel and Monona Terrace. Additionally, city-owned and financed meeting facilities could provide supplementary space to allow Monona Terrace to attract more of the lucrative large-scale events with the flexibility of additional ballroom and breakout meeting room spaces.

“As we consider a variety of options for a corporate headquarters in partnership with the Hammes Co., the plan that Bob and his team have put together is very attractive and heightens our desire to relocate to downtown,” Mr. Conroy said. “It also provides a vision for the entire site that is compelling for all of downtown and the broader community.”

The development will also include a food hall and a multi-faceted indoor market that showcases a variety of local food vendors. It would offer an additional dining option suitable for everything from lunch for an Exact Sciences employee to dinner for hotel guests to group dining associated with a Monona Terrace event.

“Our firm is involved with many projects around the United States that are designed to bring year-round activation and stronger fiscal strength to these communities,” said Mr. Dunn. “What is important to understand about our proposal is this public-private partnership is designed to complement Monona Terrace in a way that we can compete more effectively as a destination community.”

About Exact Sciences

Exact Sciences Corp. (NASDAQ: EXAS) is a molecular diagnostics company focused on the early detection and prevention of colorectal cancer. The company has exclusive intellectual property protecting its noninvasive, molecular screening technology for the detection of colorectal cancer. Cologuard is included in the colorectal cancer screening guidelines of the American Cancer Society and stool DNA is included in the U.S. Multi-Society Task Force on Colorectal Cancer. For more information, please visit the company's website at www.exactsciences.com, follow us on Twitter @ExactSciences or find us on Facebook.

Certain statements made in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or other comparable terms. Forward-looking statements in this news release may address the following subjects among others: statements regarding the sufficiency of our capital resources, our ability to secure favorable reimbursement rates from Medicare and other third-party payors, timing of our launch of a commercial product, our estimates of the available market size and our potential penetration, expected research and development expenses, expected general and administrative expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contacts

Exact Sciences
J.P. Fielder, 202-746-6352
jfielder@exactsciences.com

Release Summary

The Hammes Co. and Majestic Realty today announced that they have submitted a proposal to the City of Madison that could relocate Exact Sciences Corp. to downtown Madison.

Contacts

Exact Sciences
J.P. Fielder, 202-746-6352
jfielder@exactsciences.com