Madison is preparing to move forward with a roughly $300 million remake of the city’s largest concentration of housing for low-income residents after much outreach and planning, the Wisconsin State Journal reports. It will also more than triple the total units on its piece of “the Triangle” downtown.
The city’s Community Development Authority (CDA) will consider a master plan today called “Taking Shape, Our Triangle” that would fully redevelop the site with about 1,216 units and authorize next steps. The Community Development Authority currently owns 336 housing units at five sites and a small Asian grocery store on 10.5 acres bounded by West Washington Avenue and South Park Street.
The plan would be executed in phases, demolishing five dated low- and high-rise residential buildings and the grocery store for new construction in multiple structures ranging from three–12 stories. It would also extend the East Campus Mall through the site to Lake Monona.
The next steps would be authorizing CDA staff to negotiate additional contracts with consultant New Year Investments of Madison and other professional service providers to implement the master plan; submitting an application to the Wisconsin Housing and Economic Development Authority for Low Income Housing Tax Credits to help finance the first $50 million phase of the redevelopment in early 2024; completing the first phase with 166 units in 2026; and completing all give phases by 2034.
The CDA will meet online at 4:30 p.m. today.
