St. John’s Lutheran Church, one of Madison’s oldest churches, is getting ready to tear down its current space and build a 10-story, 130-unit affordable apartment building. Real estate experts said the church is part of a wider trend of religious groups turning their underused property into housing to help combat a nationwide shortage.
The church is working with Mark Binkwoski, principal of MRB Holdings, LLC, and Janesville-based J.P. Cullen to demolish the church and create a mixed-use structure 310-322 E. Washington Ave. The plan includes 108 units for people making between 30-60% of the Dane County median income. When completed, the building will have 10,000 square feet of space on the first floor for the church congregation.
Construction will cost around $35.8 million, according to developers in an application to the city of Madison’s Affordable Housing Fund. The developer asked the city to give $3.5 million to support the project. St. John’s will get financing help from Dane County and the Wisconsin Housing and Economic Development Authority (WHEDA) as well....
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- - Volume: 11 - WEEK: 38 Date: 9/21/2023 2:44:07 PM -