McShane Construction Company Completes 309-Unit The Duncan for Vermilion Development in Madison

McShane Construction Company has completed The Duncan, a 309-unit multifamily community developed by Vermilion Development at 1625 Lock Lane in Madison, Wisconsin, the firms announced Sept. 8.

The project spans an 8.5-acre site on Madison's isthmus near downtown, directly adjacent to Tenney Park and Lake Mendota. Equity partners Clarion Partners and Quartz Lake Capital joined Vermilion Development on the deal, with CIBC serving as lender. JLL sourced both the equity and debt for the project. Greystar is managing the property.

Project Design and Construction

The Duncan comprises five buildings in total — two podium-style apartment buildings and three two-story townhome buildings. The podium structures feature four stories of wood-frame construction atop a two-story precast parking garage. Potter Lawson served as the design architect.

Units are offered in studio and one- to three-bedroom floor plans ranging from approximately 460 to 2,342 square feet. Standard interior finishes include energy-efficient appliances, quartz countertops, luxury vinyl tile flooring, and in-unit laundry. Select units include double vanity sinks, attached private garages, balconies or outdoor patios, and views of Lake Mendota, Tenney Park, or the State Capitol.

"The Duncan is a standout addition to Madison's growing residential market, combining modern amenities with an unparalleled lakeside setting," said Alison Gorham, Vice President & Director of Wisconsin Operations at McShane. "As our first project with Vermilion, we are proud to celebrate the strong partnership that brought this project from concept to completion."

Amenities and Sustainability

Community amenities at The Duncan include an indoor/outdoor fitness center, coworking space with private offices, top-floor sky lounges, and resident social spaces. Outdoor amenities include two green spaces with sun decks, grills, and fire pits, as well as community gardens and a dog park.

The project was designed in compliance with Focus on Energy initiatives, Wisconsin's energy-efficiency program. The site is also located within a federally designated Qualified Opportunity Zone, a designation that carries implications for tax-advantaged equity capital structures.

Leasing and Market Context

Leasing is underway at The Duncan following a recent ribbon-cutting event. Online listings show the property marketing studios and one- to three-bedroom apartments starting around $1,491 to $1,555 per month, with larger townhome-style units — such as a 1,856-square-foot two-bedroom layout — listed around $3,961 per month. The pricing positions The Duncan in the upper tier of Madison's rental market, consistent with its waterfront location and institutional sponsorship.

The property is in its initial lease-up phase, with a substantial portion of its 309 units still available as of early in the leasing period. The Duncan's delivery comes during a period of elevated multifamily supply in the Madison market, as a historically large pipeline of new apartment units reaches completion across the metro.

The Duncan marks McShane Construction Company's first completed project with Vermilion Development.

Sources: McShane Construction Company