What came to be known colloquially as The Hub II has a new official name: The James.

The second project from Chicago-based developer Core Campus gets its new name in honor of former U.S. President James Madison, Ald. Mike Verveer, District 4, said. James Madison is also the city of Madison’s namesake.

With the residents moved into the Hub Madison as of this fall, Core Campus is now working to get The James off the ground.

The James will offer a wider range of housing options and attempt to provide more affordable options that still include access to a variety of amenities. This range of options looks to appeal to undergraduates, graduate students and young professionals, Verveer said.

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The James will be located between University Avenue and Gilman Street. A parking lot currently exists in the space, but the plans for The James also include the incorporation of a historic building the city’s Landmarks Committee had previously forbidden to be demolished, according to past The Badger Herald coverage.

The Landmarks Commission, however, approved the plans for The James.

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In the final agreement between Core Campus and the City of Madison, Core Campus agreed to pay part of the cost for a new traffic signal at the intersection of West Gorham Street, University Avenue and North Bassett Street.

“I have been pushing for a traffic signal there for a long time,” Verveer said. “Sometime in the next year, the city will install a traffic signal at this intersection, which will first and foremost help pedestrians and cyclists.”

The city’s Plan Commission, Urban Design Commission and Landmarks Commission have all approved the plans for The James.

It has received all necessary approval from the city, with construction likely starting later this fall, and will be completed for the 2017 rental period, Verveer said.