Lincoln Avenue Completes Mixed-Income Wisconsin Project
McShane Construction Co. was the general contractor.
Lincoln Avenue Communities has completed The Conway at Huxley Yards, a 50-unit mixed-income community in Madison, Wis. McShane Construction Co. served as general contractor, while Knothe & Bruce handled design.
Project financing included an $18.6 million loan from Merchants Bancorp, as well as additional funds coming from the City of Madison, the Dane County Housing Authority and Freddie Mac, according to Yardi Matrix data. All sources add up to $20.7 million.
Located at 1846 Commercial Ave., the single-building, five-story property sits on 1.7 acres. Sitting between Hartmeyer, Johnson and Demetral parks, it is close to Madison Area Technical College, as well as the Lakewood Plaza and Northshore shopping centers. It is also roughly 0.5 miles from Lake Mendota’s Dengel Bay.
Floorplans include one- to three-bedroom options, some having patios or balconies. Amenities include a fitness center, picnic area, community kitchen and gathering spaces. The development has four wood-framed residential floors on top of an above-grade parking structure.
The Conway holds two sustainability labels: the Wisconsin Green Built Homes Gold Certification and the Energy Star Multifamily New Construction Certification. The project is also part of the EPA Indoor AirPlus program and the HEAR Multifamily program. HEAR provides access of up to $14,000 per unit for efficient electric equipment. The program covers up to 100 percent of costs for households below 80 percent of area median income and up to 50 percent between 80 and 150 percent of AMI.
Lincoln Avenue’s steady affordable pipeline
Lincoln Avenue has more than a dozen fully affordable and mixed-income projects underway across the country, according to Yardi Matrix data. The list includes Olea on 126 Apartments in Largo, Fla., which broke ground earlier this year.
In the Midwest, the developer is also working on the mixed-income 250 Fremont Ave. in Minneapolis, set to bring 235 units next year, and the 321-unit Landmark on Scioto in Columbus, Ohio, which also started construction this year
