Two proposed multi-family housing projects are moving through the approval process in Monona, as the final vote on a tax deal for a third project was delayed for a second time on Monday.
At the city council’s March 6 meeting, alders reviewed plans for a proposed development at 1208 East Broadway that would host 63 apartment units in a four-story building and 12 townhome units in two other buildings.
The Broadway Lofts and Townhomes, proposed by Northpointe Development Corporation of Oshkosh, is planned to include units with rent restrictions available for residents earning 30%, 50% and 60% of the county median income, according to a city memo.
Sean O’Brian, representing Northpointe to the council, told alders that the project had recently been awarded a 9% tax credit assistance from the Wisconsin Housing and Economic Development Authority as well as $313,000 in funding from the Dane County Affordable Housing Development Fund, on top of $1.2 million from the county in 2020.
“The Plan Commission is very enthusiastic about this development,” Alder Nancy Moore, who chairs that commission, said in the meeting. “I’m very appreciative of Northpointe’s obvious expertise in this area and what they brought to the table.”
Construction would involve demolition of the former home of Chief Auto Parts. Also included in the plans is a solar array on the apartment building roof.
The council will take final action on the plans at its next meeting.
At a prior meeting on Feb. 20, the council had also approved a rezone request from developer Walter Wayne for a proposed housing development at 5105 Monona Drive. That project would bring 45 new living units to Monona and develop a lot currently considered vacant by the city.
Randy Christianson, Walter Wayne’s representative at the meeting, said the company hoped to begin construction this summer and complete it in a 12-month time frame, though two sets of designs for the building will still require approval by the city before construction could begin.
The city council did not take action on a developer’s agreement with The Neutral Project, developers of The Bloom, a mixed-use project planned for Monona Drive. The agreement had initially been set for a vote at the council’s Feb. 20 meeting, but has now been delayed twice for revisions.
The Bloom, a mixed-use project featuring 83 apartment units, 10 townhomes and a 16,000 square-foot commercial space for a BMO Harris Bank, is being planned for the 4600 and 4700 blocks of Monona Drive.
The deal in its most recent form would provide up to $2.97 million in tax increments to the developers throughout the course of construction, according to city attorney William Cole. In return, The Neutral Project would ensure that the site would be worth at least $27.2 million by its completion, which must be before Feb. 1, 2026. The developers would also purchase a small plot adjacent to the project for $1 from the city.