In 1995, Binkowski and partner Tom Neujahr bought the three-story American Exchange building, built in 1871 with sandstone in the Italian Renaissance Revival style. The building, designed by Stephen Vaughan Shipman, whose work includes the state Capitol dome and rotunda, was named a landmark in 1975 and added to the National Register of Historic Places in 1980.

But the building was in poor condition and, at just 19 feet wide inside, was hard to lease and was left vacant. “It was falling apart,” Binkowski said, recalling descending an old stairwell to find water in the basement during an initial visit. The building was restored with an addition to the rear that provided handicap accessibility to all floors.

ULI now controls the block, except for the YWCA, the buildings holding the Old Fashioned and Harvest, the Bartell, and a building at 113-117 E. Mifflin St. ULI also owns a five-story apartment building at 123 E. Mifflin that is not part of the redevelopment. About 55 percent of the project site is currently used for parking.

Overall, the block is dysfunctional and underdeveloped, Neujahr said.

In 2008, as ULI accumulated property, the Madison Trust for Historic Preservation won city landmark status for Centre Seven and the Old Fashioned and Harvest buildings.