MADISON, WISC–(excerpts from CapTimes.com): Crews have broken ground on Rise Madison, one of the largest affordable housing projects in the city, to be built at the site of the former Gardner Bakery at East Washington and North Fair Oaks avenues.
Rise will include two-story, three-bedroom townhomes with individual entrances, a three-story walk-up building for tenants age 55 years and older, and two five-story buildings. The project will total 245 units, all of which will have rents that fit Madison’s criteria for affordable housing.
The complex, which is being developed by the nonprofit Wisconsin Housing Preservation Corp., will provide units for people making between 30% and 80% of area median income. Under those guidelines, a two-person household would need to have a total income ranging between $29,000 and $78,000 to be eligible, with the amount depending on the unit.
The largest share of available spaces, 102 units, will be set aside for those making 50% of median income, or around $42,750 a year for a single person or a combined income of about $49,000 for two people.
The $82.3 million project was approved by Madison’s Plan Commission and City Council in early 2022. The City provided money from its affordable housing fund and tax incremental financing to support the project, which also received a tax credit from the Wisconsin Housing and Economic Development Corp.
The City’s contribution is part of a focus on transit-oriented development as well as affordable housing, as Rise will be situated along bus rapid transit lines. Bus rapid transit, or BRT, is expected to connect Rise residents — many of whom are expected to be seniors — with job opportunities and amenities throughout the city.
The project will also provide 1.5 acres of private park access. The two-story building facing East Washington also will include about 5,000 square feet of commercial space, according to Wisconsin Housing Preservation Corp.
Construction on Rise Madison began earlier in December and will be completed in three phases through October 2025. Two of the four buildings are expected to be ready for residents to move in by February 2025.