Subtext, a nationwide developer, and Stevens Construction Corp. broke ground on a new 12-story luxury apartment building on W. Johnson St. after demolishing eight residential buildings this fall.
VERVE, the 12-story luxury apartment, will total 536 beds among 142 units in an attempt to address the increase of students and provide additional housing options with high amenities near campus.
“This is once again one of the types of developments where it’s an example of how important it is that we use urban planning to protect affordable housing, or at least create more affordable housing,” District 8 alder Juliana Bennett said.
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Downtown zoning laws in Madison allow developers’ plans to be approved without a conditional use process, enabling Subtext to replace the affordable housing with a luxury high rise, Bennett said.
Affordable housing has become a more prevalent issue in the past year, as an influx of students post-pandemic led to many students struggling to find leases that fit their price point, according to Channel 3000.
“I actually had a class with a girl that lived in one of those houses and she said this is like the only place I could afford to live in the city, but now, I have to move, and in its place are these luxury units — which, honestly is like a really sore spot for me,” Bennett said.
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VERVE plans to start leasing to students in Fall 2024, featuring fully furnished 1-5 bedroom apartments with a rooftop pool, green space and other amenities.
Given Madison zoning laws, there is little the community can do to address the lack of affordable housing, Bennett said. To address the issues, Bennett has been working with colleagues to enable developers to provide high-end apartments and affordable housing for students.
“We actually have a pilot might be coming out soon that will create an incentive for developers to create more affordable housing through giving them additional stories,” Bennett said. “That is not official but that’s what we’re working on, and I think it’ll be really cool to see that come to fruition.”
