Royal Capital Group Breaks Ground on Affordable WI Community
The $20.3 million development will feature 94 units. UnitedHealthcare is the largest private investor, providing $5.4 million in equity funding.
By Laura Calugar
Royal Capital Group has started construction of The Flats at Grandview Commons, a 94-unit, $20.3 million affordable housing community designed for working families in Madison, Wis.
UnitedHealthcare is the largest private-sector investor, providing $5.4 million in equity funding through a partnership with Cinnaire and Minnesota Equity Fund. WHEDA is a primary partner, providing $11 million in both construction and permanent financing and approved the use of LIHTC for construction. Project funding and key development partners include Engberg Anderson as the architect, Horizon Construction as general contractor and ACC Management Group as manager and on-site support services provider.
The community is being built on a vacant lot located in the Grandview Commons neighborhood, on the east side of Madison. It is also south of Milwaukee Street and east of Interstate 90, just a few miles from downtown.
The Flats at Grandview Commons will include six two-story structures with 28 two-bedroom and 66 three-bedroom units. The project will feature a community room with a library, computer lab, meeting space, playground and private garages. On-site family offerings and activities will include programs in health and nutrition, after-school programming with local universities and family finances.
The Flats at Grandview Commons is expected to open in the fall of next year.
UnitedHealthcare has partnered with Cinnaire and MEF to invest more than $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.
Image courtesy of Greater Minnesota Housing Fund