A proposal allowing developers to construct taller buildings if they offer discounted student housing units was advanced by Madison’s Plan Commission at its Aug. 26 meeting, The Capital Times reports. The news comes after a survey of 46,000 UW–Madison undergraduate students on student housing found that many struggle to afford rents.
The proposal will now be considered by the City Council. It is based on a model by Chicago developer Core Spaces, which has the green light to provide around 7,000 student beds to downtown Madison over the coming two years. The developer built Oliv Madison, finishing construction in June and offering discounted rates for financially eligible students. The building is over 75% leased. Core Spaces is also constructing a 15-story, 1,723-bed building on the corner of Broom and West Johnson streets, with 172 of the beds to be discounted at a 40% rate.
The authors of the affordable housing study, Chicago-based consulting firm JLL, issued recommendations including that UW–Madison continue its focus on building affordable housing for students and that the City Council institute further zoning changes and provide tax incentives for developers constructing affordable units.
The City Council last year decided to allow developers to exceed building height limits on properties that include affordable housing. The new proposal approved by the Plan Commission would expand how developers could justify exceeding height limits.
A working group with Downtown Madison Inc., which helps draw tourism, development, and business to downtown, will present recommendations to the City Council in January or February.
