Construction Begins for The Flats at Grandview Commons, a New Community That Will Bring High-Quality, Affordable Housing to Madison
- $20.3 million development will offer 94 new two- and three-bedroom homes with on-site supportive services to working individuals and families
- Wisconsin Housing and Economic Development Authority (WHEDA) is providing $11 million in construction and permanent financing
- UnitedHealthcare is the largest private investor, with $5.4 million in equity through a partnership with Cinnaire and Minnesota Equity Fund
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 for working families in the region.
The new community, developed by Royal Capital Group, 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.
“Commencing construction of this new community in Madison serves as a catalyst for future economic development in this part of the city. We appreciate all of the work of the many partners who have helped 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, and a community clubhouse. On-site amenities will include 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 Sen. 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.”
Project funding and key development partners include Building Blocks-Cinnaire, 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 for construction. UnitedHealthcare is the largest private-sector investor, with $5.4 million in equity funding through a partnership with Cinnaire and Minnesota Equity Fund.
“WHEDA is delighted to help finance an urbanist vision designed to spur people to seek housing in the Grandview Commons neighborhood,” said WHEDA Executive Director Wyman Winston. “Together with our outstanding partners we are continuing our mission to build the stock of quality, safe, affordable housing in the city of Madison and Dane County.”
“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 employs 7,300 people in Wisconsin and serves the health care needs of more than 1.6 million people statewide. UnitedHealthcare has partnered with Cinnaire and MEF to invest over $85 million to help build 13 new communities in Wisconsin and the Great Lakes Region, with 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 architect; Horizon Construction will serve as general contractor; and ACC Management Group will manage the property and on-site support services.