According to the Wisconsin State Journal, Santa Monica-based developer Lincoln Avenue Capital is seeking $6.25 million in city tax incremental financing (TIF) to support a $192.8 million low-cost housing project in two buildings on Madison’s north side.
The proposed buildings, to be located on the former Hartmeyer property near a large natural area, are six-stories each with a combined 553 units — 250 for seniors and 303 for families. Rents would be limited to $1,200 for a one-bedroom, $1,500 for a two-bedroom, and $1,700 for a three-bedroom unit.
The senior building will also include 1,130 square feet of commercial space and 289 parking spaces; the building for families will feature 446 parking spaces.
Land use approvals were secured for the projects last year, but they cannot proceed without TIF support. The proposed development and TIF support will be considered by the city’s Finance Committee and could come back to the council by July 11.
If financing is secured, Lincoln aims to break ground this fall and complete construction in the fall of 2025.
