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A long-time commercial kitchen equipment and design company on Madison's East Side will soon have a new home.

Kessenich's Ltd. is remodeling a building near the intersection of the Beltline and Stoughton Road for a modern showroom, design center, offices and a warehouse. The facility at 3226 Progress Road is scheduled to be done in February or March and will replace a 42,000-square-foot building at 131 S. Fair Oaks Ave. the company has called home since the 1960s.

"It's an older building and it's beyond its capability," said Cheri Martin, who is in charge of business development for Kessenich's. "We wanted to move. It's necessary for our future and it gets us to the next level."

The move comes after Inventure Capital of Madison received approval Monday for a 161-unit, five-story building on the Kessenich's site that will also include 122 covered parking stalls, 65 additional surface parking stalls, several bike parking areas and a bike work and maintenance room. The ground floor of the development will feature 11,000-square-feet of commercial space that will be broken up into five or six units. Potential businesses include include a coffee shop, yoga studio, hair salon and a restaurant, according to a filing with the city.