Oakwood Village officials are reconsidering a $240 million redevelopment plan for its University Woods campus on Mineral Point Road.
According to a Wisconsin State Journal report, Oakwood, Madison’s largest retirement organization, had plans to replace some older buildings and increase capacity on its University Woods campus, but that $240 million plan “is no longer viable” and has been delayed while officials look for options to make the project financially sustainable.
Phase I was supposed to break ground this year and open in 2022.
As submitted to the city last June, Oakwood sought to increase capacity at University Woods by adding more than 100 independent living apartments. Doing so, however, would mean eliminating 140 rental units and 30 government-subsidized Section 8 apartments for low-income seniors.
More than 150 Oakwood residents signed a letter to protest the plans, concerned about the affordability of life-lease units. Their letter stated that entrance fees would run more than $450,000.
Oakwood recently completed a $54 million expansion at its Prairie Ridge campus on Madison’s east side that added 71 independent-living apartments and 33 assisted-living units.
