City officials approved an apartment proposal requiring the demolition of three residence buildings Monday despite concerns about affordable housing in the area.
Potter Lawson and Fiduciary Real Estate Development proposed constructing a 12-story, 317-unit apartment complex, including two and a half levels of underground parking, at 415 W. Johnson St. geared toward young professionals.
Eric Lawson, Potter Lawson’s project representative, said of the three buildings slated for demolition under the proposed plan, two appear in a downtown Madison building development plan as “obsolete or underutilized.”
Madison’s Plan Commission approved demolition of those structures, located at 415 W. Johnson St., 424 W. Dayton St. and 226 N. Broom St.
The commission approved the proposal along with a condition that developers agree to assist current tenants in those buildings with relocating.
Ald. Marsha Rummel, District 6, said monthly rent in the existing structures is around $550 to $750, a price under the market rate. But according to Lawson, efficiency units in the new development will likely cost just under $1,000 per month.
Lifelong Madison resident and former University of Wisconsin-Madison student Damon Terrell said affordable housing “matters deeply and intimately” in Madison.
Terrell said the city should make sure people who grew up in the area see Madison as a stable, affordable place to live in addition to attracting young professionals.
“I love this city,” he said. “And I feel like I’m being priced out of it steadily, building by building.”
Ald. Mike Verveer, District 4, supported the proposal and said pedestrian lighting, which the developers will pay to install on West Dayton and West Johnson Streets, will improve safety in the area.
Verveer said his excitement “is tempered by the loss of affordable housing.”
“We just don’t see anywhere near enough affordable housing units proposed in the downtown campus area,” he said.
The commission approved the project despite the concerns, and several members said it would be unfair to suddenly hold a proposal so far along in the approval process to higher affordability standards.
Madison’s city council will consider the proposal March 19, according to Verveer.
