The wish list Miller presented to replace the blight is ambitious. Though no request for proposals has been issued, Miller said he envisions a public riverfront area that would serve as the project’s centerpiece. Other ideas he suggested include a performance space, outdoor dining and retail shops.

“I hope it’s mixed-use with retail and residential but I know there’s some really smart people out there (who) may be looking at this totally different than I am,” he said.

The city will begin its search for potential developers later this month by issuing a request for qualifications.

Monona purchased the Chase and Ruby’s properties and has control over the other three. The practice of land banking temporarily takes the land off the tax rolls but will allow the city to control redevelopment of the properties, much like Madison has done with the former Don Miller auto dealership properties along East Washington Avenue. But the benefits can be worth the brief loss of revenue. In Monona’s case, Miller said the city is expecting the assessed value of the land to increase eight to 10 times from its current $7 million value.

The city is aiming to have a project selected by early next year so construction can begin later in 2015. Given the size of the site, Miller said development might be phased over several years.

The project would be the second major redevelopment along the Monona waterfront. Treysta Group plans to build an $18.5 million mixed-use apartment complex near Rutabaga Paddlesports, which Miller said is expected to bre ak ground in the next month or two.