New Madison makeover permitted

The aging New Madison building in downtown Spokane is slated to become 67 apartments, with one-third set aside for low- to moderate-income tenants.

Spokane-based RenCorp LLC , the general contractor and architect for the renovation, also is negotiating with a local group for a piano bar in the basement of the five-story building, said Chris Batten, RenCorp’s principal owner.

Owner Madison Hotel Apartments LLC, made up of Seattle investors, has received bank financing and historic tax credits for renovation, he said.