Stoughton, developer enter agreement ahead of $76 million affordable housing project

The city of Stoughton Common Council voted to approve a development agreement with Fitchburg-based The Alexander Co. to buy land ahead of the Riverhavn development. The first phase of the project, located on the Yahara River near the intersection of South Fourth and East South Streets, will deliver 122 apartments in 2027, developers said.

The project calls for two construction phases and a total budget of $76 million, developers said. There will be both market rate and affordable units for those making 60% of the area median income; in the first phase, 101 units will be 60% AMI and 21 will be market rate.

THE BLUEPRINT:

• The city of Stoughton approved a development agreement with The Alexander Co.
• The Alexander Co. is planning 250 apartments in two phases along the Yahara River, budgeted at $76 million.
• First 122-unit phase to open in 2027, including affordable housing.

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Leo’s notes: Stoughton’s Riverhavn project is a textbook example of how public-private partnerships can expand housing options while revitalizing community assets like the Yahara Riverfront. With more than 100 affordable units in the first phase and a mix of market-rate homes, it strikes the balance between inclusivity and long-term investment. Projects like this underscore the importance of leveraging tax credits and TIF to deliver both affordability and quality design.

Ken Notes: The math places these units at north of 300K which is high for entry level workforce and again they are rentals.