A developer has submitted plans for a large multifamily development spanning nearly 45 acres near the site of the campus that Foxconn Technology Group is building in Mount Pleasant.
Middleton-based Madison Student Housing LLC recently submitted to the village a rezoning letter of intent and other documents that call for the development of 538 apartment units and a 2-acre commercial site southeast of 90th Street and Braun Road. The site lies directly east of the Foxconn Area 3, according to a village staff report.
Of the 44.9 acres in the project area, 36.7 will be used for apartment buildings, another 2 acres will be carved out for commercial uses and the remaining 6.2 acres will be used for either stormwater systems or right-of-way.
“The subject site is located in a growing area of Mount Pleasant which is experiencing market pressure to develop housing and supportive commercial development,” the documents state. “This area has experienced residential development along 90th Street and commercial development along Durand Avenue to the north. In addition, an industrial facility associated with Foxconn will soon be built to the west of the subject property, across 90th Street, which will further increase market pressure for residential and commercial development.”
The developer is aiming for all necessary local approvals to be met this spring with an anticipated start of construction in spring 2020.
The project would occur in three phases, with the first phase consisting of the construction of a multi-family residential neighborhood along 90th Street and Braun Road. The second phase would include construction of more multi-family housing separated from the first phase by a dedicated street connecting the two existing roadways. The third phase would consist of a commercial use right at the intersection of 90th Street and Braun Road, but could be developed as soon as a commercial use has been identified.
The first phase would construct 262 units, with the number of units in phase two being approximately 276. The buildings will range in size from four units to 24 units. The individual units will have either one, two or three bedrooms.
Assuming a full build-out as proposed, the development could increase the assessed value of the site to $50 million, according to the development plans. The value is currently assessed at $14,500.
Members of the project team could not immediately be reached for comment. The team includes land owner and developer Mike Fisher of Madison Student Housing, Middleton-based Knothe & Bruce Architects as the project architect, and Madison-based Vierbicher Associates, which is providing engineering and planning services.
The development plans are scheduled to be reviewed by the Mount Pleasant Plan Commission on Wednesday.
Village planner Robin Palm said this is the first multifamily submission for a site bordering the Foxconn development area. None of the area immediately surrounding the Foxconn site is zoned or even master-planned for multifamily development, he said.
