Clarion Partners Opens 309-Unit The Duncan in Madison Opportunity Zone

Clarion Partners, Vermilion Development, and Quartz Lake Capital hosted a ribbon-cutting event for The Duncan, a 309-unit multifamily community located at 1625 Lock Lane in Madison, Wisconsin. The property sits within a federally-designated Qualified Opportunity Zone on approximately 8.2 acres along Madison's Isthmus.

The community offers residents access to Lake Mendota and downtown Madison. Amenities include 2 fitness centers, bicycle storage, a pet spa and dog run, coworking and breakout spaces, a community garden, heated parking, and 2 rooftop terraces with grills, firepits, and views of Lake Mendota. Residents have immediate access to Tenney Park, a 37-acre waterfront park with tennis, pickleball and basketball courts, a boat launch, playgrounds, and an ice-skating rink.

"The location has been incredible. Tenney Park is within walking distance, and Lake Mendota is right in our backyard," said Marwa Shaaban, a resident of The Duncan. "When my sister visited this summer, we walked out to watch the sunset and she said, 'I didn't know you had heaven in your backyard.' That really captures what it feels like living here."

Madison Mayor Satya Rhodes-Conway proclaimed August 13, 2026, "The Duncan Day" in the City of Madison, according to the announcement.

The Duncan adds 309 homes to Madison as the city projects the addition of more than 9,300 households, approximately 18,400 people, by 2030. Madison has established a goal of creating 15,000 new homes by then.

"We believe residents will enjoy the many amenities that The Duncan provides, from its thoughtful design and social spaces to its sweeping views of Lake Mendota and Tenney Park," said Ian McKay, Senior Vice President at Clarion Partners.

"Two years ago, this was a vision on paper and a construction site. Today, it is 309 homes," said Dave Cocagne, President and CEO of Vermilion Development. "Our mission at Vermilion is to create spaces that enrich people's lives, and The Duncan was designed specifically for Madison, connected to the lake, Tenney Park, trails, bikes and downtown."

The development team included Vermilion Development, Clarion Partners and Quartz Lake Capital as equity partners, CIBC as lender, Potter Lawson as architect, McShane Construction Company as general contractor, JLL for equity and debt sourcing, and Greystar as property manager.

The Duncan includes studio, 1-bedroom, 2-bedroom, and 3-bedroom residences, including townhome options. The community features ENERGY STAR appliances, occupancy sensors in common areas, natural-gas water heating, and WaterSense plumbing fixtures.