Madison Johnson-Broom Student Housing Project Receives First Approvals

Madison Johnson-Broom Student Housing Project Receives First Approvals

MADISON, WISCONSIN – (with excerpt from The Cap Times) – The Madison Plan Commission voted unanimously to support a proposal from nationally known student-housing developer Core Spaces to build the 465-unit student housing development near the University of Wisconsin campus. Vandewalle and Associates’ Brian Munson played a significant role in partnership with Core Spaces in getting the project through its first Plan Commission approval, from site selection and lot consolidation to refining the project’s funding structure and procedures.

As proposed to the City’s Plan Commission, the building would range from eight to 15 stories tall and accommodate up to 1,624 beds. The development, referred to as the Johnson-Broom project, would occupy the lots at 407 and 431 W. Gorham St.; 408 to 430 W. Johnson St.; and 304 to 318 N. Broom St.

Core Spaces would enter into an agreement with the city of Madison and the UW to provide discounted beds for certain students leasing in the building. Under the agreement, 165 beds in two-bedroom units would be leased to students at a rental price at least 40% less than the market rate. The agreement with UW and the city would be for a term of at least 40 years.

Student housing density has been identified as a need by city staff, the mayor and many of the City Council members, including Ald. Mike Verveer, who represents the district where the Johnson-Broom project would be built. “It is just absolutely tremendous that we are providing some real relief of lower-cost beds for students,” Verveer said at a Plan Commission meeting Monday night. “We clearly need additional housing supply and particularly need it for student housing. I think this is a great win for our community.”

The City Council will vote on whether to grant final approval to the project when it meets November 21st.