Lincoln Avenue Breaks Ground on Affordable Housing Project
Wisconsin’s largest development of its kind, the community will comprise more than 500 units.
Lincoln Avenue Communities has broken ground on The View and The Victoria at Huxley Yards, two fully affordable housing buildings totaling 553 units for families and seniors in Madison, Wis.
Considered the largest ground-up affordable housing project to be developed in Wisconsin—according to LAC’s CEO Jeremy Bronfman—the development will serve residents earning less than 50, 60 or 70 percent of the area median income.
The project was mainly financed through Federal Low-Income Housing Tax Credits provided by the Wisconsin Housing and Economic Development Authority and the National Equity Fund. The Wisconsin Housing and Economic Development Authority provided a $100.5 million loan with Zions Bank as a trustee, according to Yardi Matrix data.
The financing for the two-building development also includes Solar Tax Credits purchased by the NEF, an Opportunity Zone Fund Investment, a Citi Cash Collateralized Taxable and Tax-Exempt construction-to-perm loan, tax increment financing from the city of Madison and a Brownfield Idle Sites Grant from the Wisconsin Economic Development Corp.
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Located at 905 Huxley St. and 2007 Roth St., the buildings are within Madison’s Northeastern submarket.
After Oscar Mayer closed its plant in 2017, the redevelopment efforts for the site have taken on several iterations over the years. In 2021, the City Council approved the Oscar Mayer Special Area Plan, creating a blueprint for the site’s future that includes multifamily housing, parks and new city streets.
Lincoln Avenue Capital has recently begun pre-development work on Bishops Woods, a 203-unit affordable community in Brookfield, Wis. The company—in a joint venture with Fairview Housing Partners—has also broken ground on Cottonwood Ranch, a 300-unit affordable housing project in Casa Grande, Ariz.
A closer look
The View and The Victoria at Huxley Yards will be the first new developments under Madison’s Oscar Mayer Special Area Plan. The View will be a seven-story building with 303 affordable housing units for families and individuals, while The Victoria will be a six-story building offering 250 affordable units for seniors.
Common-area amenities at The View will include a swimming pool, a clubroom, a community classroom, a fitness center, a playground area, controlled access and more than 460 parking spaces. The Victoria will feature a fitness center, a club room, a craft room, two rooftop courtyards, a fenced dog run, controlled access and approximately 328 parking spaces.
Both properties will be Wisconsin Green Built Home certified and incorporate sustainability features such as rooftop solar systems and electric charging stations. The properties will also provide resident services, including job training and nature classes.
