Madison Plaza Hotel Sold
MADISON, Wis. (WMTV) – The Madison Plaza Hotel will get new life as an affordable apartment building. The hotel has been sold to developers who have pledged to renovate the property and create between 155 and 190 affordable studio and one-bedroom apartments, its new owners revealed on Monday.
Repvblik, LLC, has already taken possession of the hotel and plans to begin filing permits for the project this fall with the goal of opening the doors of the converted hotel to new tenants sometime next year. .
“I’m thrilled to see our vision come to life,” said Repvblik Founder and CEO Richard Rubin. “It’s been quite a journey over the past few years, but as we begin to develop and open more and more properties, it’s great to see our idea and our vision become a reality.”
As part of the renovations, the new resort is expected to feature pool updates, a fitness center and game room, as well as coworking spaces and meeting rooms. There will also be on-site laundry facilities and upgrades to interior facilities and kitchenettes.
The company explained that the apartments, which it describes as workforce housing, target people who earn between 60 and 120 percent of the region’s median income. It projects that the rents for the new apartments will allow even those at the bottom of the scale to spend less than 30% on their accommodation.
“We strongly believe that adaptive reuse has a place in this economy and will continue to grow,” Rubin added.
In its statement, Repvblik highlighted some of its similar projects where it has adapted real estate projects for residential use, highlighting conversions of two former Motel 6 hotels in Reno, Nevada, and conversions of other hotels in Sterling Heights. , Michigan, and Sheffield, Alabama. . Additionally, one of its efforts in Branson, Mo., aims to be the largest in the United States that was built without federal funding or tax credits, the company said.
The company did not disclose how much it paid for the hotel, which is on East Washington Ave., saying only that the deal was struck in March.
Copyright 2022 WMTV. All rights reserved.