Madison-based developer, LZ Ventures, and Porchlight Inc., a local nonprofit organization dedicated to reducing homelessness in Dane County, are working together to address two of Madison’s more critical housing needs with one solution.
LZ Ventures intends to purchase Porchlight’s Brook Street property and construct a brand new facility for Porchlight at a downtown Madison location, replacing Porchlight’s current site with brand new student apartments. The design and construction of Porchlight’s new building will be donated by LZ Ventures. The development of the new student housing project would be funded by LZ Ventures without the need for TIF, grant money, or financial support from the city of Madison.
Porchlight’s new facility would be constructed at a property located at Blair Street and East Washington Avenue. This central location provides residents with easier accessibility to transportation, city services, employment opportunities, and living needs.
The building will feature 70 new studio apartments with their own bathrooms, kitchens, air conditioning, and heat, providing more living space and amenities than Porchlight’s current single room occupancy units.
LZ Venture’s new student apartment project — adjacent to its 155-unit Grand Central and 79-unit X01 student housing projects — would add up to 515 beds to the block, increasing student housing to approximately 1,100 total beds in a central campus location.
