New Apartment Community will Bring High-Quality, Affordable Housing to Madison, WI
Cinnaire recently joined community leaders, local residents and development team partners to celebrate the start of construction for The Flats at Grandview Commons, a new affordable housing community for working families in Madison, WI.
Developed by Royal Capital Group, the 94-unit new apartment community is being built on a vacant lot located in the Grandview Commons neighborhood on the east side of Madison, just a few miles from downtown.
“Commencing construction of this new community in Madison will serve as a catalyst for future economic development in this part of the City,” said Kevin Newell, president, Royal Capital Group. “We appreciate all of the work of the many partners that have helped make this groundbreaking possible. When completed next year, The Flats at Grandview Commons will be a model community that brings quality homes with on-site amenities for working families who want a lively and contemporary place to call home.”
Project funding and key development partners include Cinnaire, Building Blocks, Minnesota Equity Fund (MEF), UnitedHealthcare and the Wisconsin Housing & Economic Development Authority (WHEDA). WHEDA provided $11 million in both construction and permanent financing for the new community and approved the use of Low Income Housing Tax Credits (LIHTC) for construction. UnitedHealthcare, through a partnership with Cinnaire and MEF, provided $5.4 million in equity funding.
“Cinnaire partners with socially motivated companies like UnitedHealthcare to make economic investments in well-designed, high-quality affordable housing developments,” said Mark McDaniel, Cinnaire president & CEO. “This investment will help meet a critical need in Wisconsin and we are proud to be a partner and help break ground on such an important housing community in Madison.”
Christopher Laurent, Cinnaire Senior Vice President, spoke at the event.
The Flats at Grandview Commons will include six two-story structures with 28 two-bedroom and 66 three-bedroom units. On-site amenities will include a community clubhouse with a library, computer lab, meeting space, playground and private garages. On-site family offerings for residents will include programs in health, nutrition and family finances, and after-school activities with local universities.
“This is an important moment for our community as we work together to bring new, quality homes for working families in Madison,” said State Senator Mark Miller. “With the support of so many partners, The Flats at Grandview Commons is a model for how we can support residents as they build a brighter future for themselves and their families.”
The Flats at Grandview Commons is expected to open in the fall of 2018. Engberg Anderson serves as the architect; Horizon Construction will serve as general contractor; and ACC Management Group will manage the property and on-site support services.
Photo Credit: Lauren Justice Photography
Video Credit: Kevin Herglotz, HPA Strategic Communications