CDA Selects New Year Investments for Triangle Redevelopment Partnership
The Community Development Authority of the City of Madison (CDA) has selected a redevelopment partner to help lead a public-private process to revitalize and/or redevelop a major site within its public housing portfolio in an area of the near west side of the City known as “the Triangle.”
Comprised of five separate sites and roughly 340 units, the CDA wishes to begin detailed planning for a phased, long-term approach that will replace or substantially upgrade every unit at the Triangle within the next 5-10 years. To this end, the CDA sought statements of qualifications during summer 2021 from leading regional development teams to provide master planning services, assist City staff in leading a robust public and resident engagement process, and develop a strategy for the completion of site wide redevelopment objectives.
After a thorough review of team submissions by City/CDA staff, the CDA Board of Commissioners ultimately selected Madison-based New Year Investments (NYI) at its October 14 meeting as its preferred Triangle redevelopment partner in the management and implementation of what is expected to be complex, multiphase redevelopment process. NYI is a women-owned real estate development and brokerage firm drawing on more than thirty years of combined experience shared between its two principals, Anne Neujahr Morrison and Sarah Neujahr. NYI’s focus is on the creation of thoughtfully designed, mixed-use urban-infill properties in Madison. Both principals of NYI are also shareholders of Urban Land Interests, a family-owned asset management company founded in 1974.
New Year Investments is currently working on the redevelopment of the former Ella’s Deli restaurant site located on the East Washington Corridor, with 100% of units in the Ella Apartments affordable to low and moderate-income households. The Ella Apartments were financed with a combination of Tax Exempt Bonds, Federal Low Income and State Low Income Housing Tax Credits, and utilizes a complex financing structure similar to what is expected for redevelopment of CDA’s units at the Triangle.
“The Triangle is a special place. It’s an affordable community in the heart of our city, rich with history and opportunity. Our entire team is committed to ensuring its sustainable future,” says Anne Neujahr Morrison, Principal at NYI.
The developer and its team will provide professional services related to the planning, application and project development process for repositioning of HUD-financed public housing, including expertise in other financing, leveraging, and financial planning tools such as LIHTC. Other redevelopment team consultants will include a number of leading Madison-based firms, including EQT By Design community engagement/equity specialists; Potter Lawson as master planners and architects; and Saiki Design landscape architects. Baker Tilly will also be engaged to help the CDA convert housing units under HUD’s repositioning tools, access other affordable housing financing options and navigate the development process successfully by recommending the best project financial structure.
Following negotiation of a developer’s agreement, the CDA expects to formally kick off the planning and visioning process for the Triangle in early 2022.
- Matt Wachter- CDA, 608-267-8730, firstname.lastname@example.org