FOR IMMEDIATE RELEASE
Madison, Wis. (November 3, 2017) – Community leaders, local residents and development partners came together today to celebrate the start of construction for The Flats at Grandview Commons, a new 94-unit affordable housing community designed for working families in the region.
Developed by Royal Capital Group, the new community is being built on a vacant lot located in the Grandview Commons neighborhood on the east side of Madison, south of Milwaukee Street and east of Interstate 90, just a few miles from downtown.
“This is a very catalytic day as we start the construction of this new community in Madison and appreciate all the work of so many partners in helping make this groundbreaking possible,” said Kevin Newell, President of Royal Capital Group. “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.”
The Flats at Grandview Commons will include six two-story structures with 28 two-bedroom and 66 three-bedroom units. On-site amenities for residents will include a community room with a library, computer lab, meeting space, playground, and private garages. On-site family offerings and activities for residents will include programs in health and nutrition, after school programming with local universities, and family finances.
“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 on how we can support residents as they build a brighter future for themselves and their families.”
Project funding and key development partners include the Building Blocks, Cinnaire, Minnesota Equity Fund (MEF), UnitedHealthcare and the Wisconsin Housing & Economic Development Authority (WHEDA).
WHEDA is a primary partner, providing $11 million in both construction and permanent financing for the new community and approved the use of Low Income Housing Tax Credits for construction. UnitedHealthcare is the largest private-sector investor, providing $5.4 million in equity funding through a partnership with Cinnaire and its strategic partner Minnesota Equity Fund.
“Today marks an important milestone in helping create new models for quality, affordable workforce housing in Wisconsin,” said Wyman B. Winston, Executive Director, WHEDA. “When completed next year, The Flats at Grandview Commons will provide new opportunities and hope for the families who will call this campus home.”
“UnitedHealthcare’s investment in The Flats at Grandview Commons is part of a company initiative to help people live healthier lives by connecting quality and affordable housing to better health,” said Ellen Sexton, CEO, UnitedHealthcare Community Plan of Wisconsin. “We are grateful for the opportunity to work together to help expand housing opportunities for the residents of Madison.”
UnitedHealthcare, which employs 7,300 people in Wisconsin and serves the health care needs of more than 1.6 million residents in the state, has partnered with Cinnaire and MEF to invest over $85 million to help build 13 new communities in Wisconsin and the Great Lakes Region, providing nearly 670 new, affordable homes with support services for individuals and families.
“Cinnaire partners with socially motivated companies like UnitedHealthcare to make economic investments in well-designed, high-quality affordable-housing developments,” said Mark McDaniel, President and CEO of Cinnaire. “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.”
The Flats at Grandview Commons is expected to open in the fall of 2018. Engberg Anderson serves as the architects, Horizon Construction will serve as General Contractor, and ACC Management Group will manage the property and on-site support services.