Common Wealth Development and Alliant Energy partner to meet workforce housing needs in Madison

Groundbreaking for Yahara River View Apartments set for Oct. 8
 
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Common Wealth Development, Inc., a nonprofit neighborhood organization, and Heartland Properties, Inc., the affordable housing subsidiary of Alliant Energy, announced today that they are partnering on a $6.6 million development to meet workforce-housing needs in Madison, Wis. A groundbreaking ceremony for the property -- Yahara River View Apartments, is scheduled for 11 a.m. on Tuesday, Oct. 8.
Yahara River View Apartments will be located close to downtown at 1459 E. Main Street, overlooking the Yahara River. The ceremony is open to the public and will take place at the construction site. The event will include refreshments and a brief program.
"Affordable housing is key to attracting and retaining businesses and working families for Madison," says Marianne Morton, development director for Common Wealth. "Yahara River View Apartments will go a long way in creating additional affordable housing options for people with limited incomes."
Common Wealth is serving as the developer of Yahara River View Apartments. Alliant Energy is making the project possible through a $2.9 million lead investment. Additional financial support is being provided by Common Wealth, DMB Community Bank, the city of Madison (HOME funds), Madison Community Foundation and Madison Gas & Electric.
Yahara River View Apartments will be a 60-unit, multi-family housing development, consisting of studio and one, two and three-bedroom apartments. Eight of the apartment homes will be rented at market rate; the remaining 52 units will be dedicated to meeting the needs of low- to moderate-income families. A combination of surface and underground parking will be provided. The property is expected to be ready for occupancy in July 2003, with lease up beginning in April.
"We're enthusiastic about adding to our portfolio of housing investments in the Madison area," says Ruth Domack, president of Heartland Properties, Inc. "The increasing need for affordable family housing in Madison is undeniable. We value the opportunity to partner with forward-thinking organizations like Common Wealth to meet the demand, and know Yahara River View will be a valued resource for the neighborhood."
Yahara River View Apartments will be the first development in Madison's East Rail Corridor Plan and the first to implement the recommendations set out in the Yahara River Parkway Master Plan. Both plans are land use strategies created and advocated by the city of Madison Common Council.
"We expect Yahara River View Apartments to be the cornerstone of future development along the Yahara River Parkway and consider it a major step forward toward revitalization of the East Rail Corridor," adds Morton.
Common Wealth was created 23 years ago out of a commitment to preserve the vitality of Madison's Williamson-Marquette neighborhood. Since that time, Common Wealth has participated in many projects to improve the housing and business climate of the neighborhood, and has initiated important community development projects.
In 1991, Common Wealth and Heartland Properties partnered on the Falconer Apartments in Madison. The eight apartment homes were designed to complement the surrounding architecture and contributed to the revitalization of the Williamson Street Neighborhood.
Heartland Properties is committed to pursuing financial, economic development and community partnerships. Yahara River View Apartments is Heartland Properties' latest investment in Wisconsin and one of more than 127 developments it has participated in throughout the Midwest.

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