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Phase I - 150 Unit Multifamily Development with 30K Sqft Grocery Store & 3K Gatebridge Community. Phase II - 80 Unit Multifamily Development

This project is developed by Rule Enterprises, LLC.

The Truman Olsen Development (Phase I) is a proposed 150-unit affordable development located in the South Park neighborhood of Madison, Wisconsin.

The Development site is approximately 150,000 square feet of land (3.49 acres) just north of the intersection of S. Park Street and W. Wingra Dr. The initial development will encompass approximately 215,000 square feet of residential, commercial and parking space yielding 150 one-, two- and three-bedroom apartments. One hundred percent of the units will be affordable: 30 units at or below 30% of the Area Median Income (AMI), 30 units at or below 50% AMI, 20 units at or below 60% AMI, and 70 units at or below 80% AMI. The development will include a 30,000 square foot grocery store and roughly 3,000 square feet for the GateBridge community development organization.

This $42.1 Million development will be financed with a combination of 4% Low Income Housing Tax Credit equity, Federal Home Loan Bank – Affordable Housing Program (AHP) funds, City of Madison HOME / Affordable Housing Funds, and a first mortgage. This development will contribute to the revitalization of the South Madison neighborhood while creating affordable apartments in a neighborhood starting to experience gentrification.

Phase I

  • 150 Units
  • 30k Square Foot Grocery Store
  • 3k Gatebridge Community
  • Location: Madison, WI
  • Finance: 4% Low Income Housing Tax Credits (LIHTC) – State & Federal

Phase II

  • 80 Units
  • Location: Madison, WI
  • Finance: 9% Low Income Housing Tax Credits (LIHTC)
Location:

Madison, Wisconsin

Project Size:

Phase I – $42M
Phase II – $20M

Year Built:

Phase I – 2021
Phase II – 2022

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