Housing Plan Gets Tax Boost

By Judith Davidoff
The Capital Times, April 20, 2005

Developer Gary Gorman's plan to turn the former SuperSaver site at 4629 Verona Road into an apartment complex has gotten a financial boost from the Wisconsin Housing and Economic Development Authority.

Chris Laurent, senior development manager for Gorman and Company, said this week WHEDA approved $750,000 annually in Section 42 housing tax credits over the next 10 years for the Gorman project.

The $13.3 million project has also received help from the city of Madison, which bought the 6.7-acre former grocery site for $3.5 million and agreed to sell it to Gorman for $1.56 million. The closing for the sale of the property is set for mid-July, said Mark Olinger, director of City Planning and Development.

The project, which will be reviewed by the Urban Design Commission tonight, includes 104 apartment units, a day care center and underground parking.

Laurent said the developer continues to meet with Allied Drive residents, who have expressed concern that people living in the neighborhood won't be able to afford the rents in the new complex, since only six units would be rented at 30 percent of the Dane County median income. Most area residents fall below that level.

As part of its work with the neighborhood, Laurent said the developer has brought in consultants from Milwaukee to try to connect area residents with jobs.