[Madison, WI] – [November 22, 2022] – CRG, the national real estate development and investment firm, announced the successful land acquisition and construction financing of a 0.8-acre site on the 800 block of Regent Street, located in the historic Greenbush neighborhood in Madison, Wis.
CRG plans to build a 10-story mixed-use complex, branded as Chapter at Madison, that will house 165 furnished units with a total of 534 rentable bedrooms, a robust suite of resident amenities and approximately 2,200 square feet of neighborhood-oriented commercial space. Construction is slated to begin in December, with delivery anticipated in 2024 to coincide with the start of the 2024-25 academic year.
“The University of Wisconsin in Madison represents one of the most scenic and unique campus settings in the U.S. – one whose geographic constraints between two large bodies of water contribute to extraordinarily high barriers to entry, with developable land at a premium adjacent to the state’s capitol building,” said J.J. Smith, CRG’s managing partner and residential group leader. “Located just southwest of the capitol and immediately south of campus, the Greenbush neighborhood has a rich history, and we are eager to honor it with a community-focused residential building that will bring not only much-needed, near-campus student housing and retail, but also incorporate public artwork and a museum-quality cultural installation that aims to educate and inspire residents and visitors alike.
“As the southern gateway to the university – steps from the Kohl Center, Gordon Dining Hall, Nicholas Recreation Center and East Campus Pedestrian Mall – the 800 block of Regent Street has tremendous potential to create an inviting transition between the campus and adjacent neighborhood,” continued Smith.
CRG’s student housing and multifamily team has a strong track record that includes the development of over 40,000 beds at over 80 university markets. The firm will continue to seek investment opportunities near major tier 1, power 5 conference schools for similar types of investments. The capital structure for Chapter at Madison includes financing from Old National Bank, Johnson Bank, and Bremer Bank.
Chapter at Madison was designed by architecture firm Lamar Johnson Collaborative, a subsidiary of CRG parent Clayco, and will integrate into the existing urban environment using brick and masonry that harmonizes with surrounding buildings. Generous setbacks and verdant landscaping will help enhance the pedestrian experience, while below-grade parking will allow for Regent Street to be activated with storefront windows. Wisconsin-based Findorff Construction will serve as the general contractor for the project.
Chapter at Madison will offer a mix of studio, one-, two-, three-, four- and five-bedroom apartments, with pre-leasing expected to begin in early fall 2023. The ideal campus-adjacent location places residents steps from retail, restaurants, and nightlife downtown while maintaining walkable access to campus, dining, and recreation facilities. The project will offer a generous suite of resident amenities to include an expansive fitness center and yoga studio; ample private study spaces and conference rooms; a rooftop terrace and lounge overlooking Lake Monona that includes grilling stations, firepits, games and recreation; and an underground parking garage with EV charging stations and bike storage. Apartments will feature stainless steel appliances, in-unit laundry, and other modern tech-forward accoutrements.
CRG worked diligently with Alder Juliana Bennett; Madison’s Department of Planning, Community & Economic Development; the Italian Workmen’s Club; the Campus Area Neighborhood Association; and other local stakeholders to create a dynamic addition to the neighborhood that aligns with the Regent Street – South Campus Neighborhood Plan. A community steering committee was formed early in the project and continues to provide valuable insight to inform the design. Plans include a mural on the East Campus Mall entry depicting people and events that had an indelible impact on the neighborhood, as well as a cultural exhibit along the first-floor corridor that fronts Regent Street detailing the history of the 800 block and other historic milestones associated with the Greenbush neighborhood.
Bordered by Regent Street, North Park Street and the East Campus Mall, the site is currently home to the former Buckingham’s Bar & Grill at 802 Regent St., Faith Community Bible Church at 826 Regent St., the former Fraboni’s Italian Specialties and Delicatessen at 822 Regent St., and two rental houses at 816 and 818 Regent St. All of the buildings have been acquired and are slated for demolition.
Originally built in 1923, the building that housed Buckingham’s has a storied past as the original home of the Ben DiSalvo and Sons Grocery Store and is one of the few remaining early-built structures in the neighborhood. While the building was unable to be preserved because its many various modifications throughout the years devastated its architectural integrity, it will be featured in the site’s history-inspired artwork and cultural exhibit.
The centrally located Greenbush neighborhood is within walking distance of the University of Wisconsin-Madison, and other community attributes, such as Vilas Beach, Vilas Park Zoo, the UW Arboretum, and Madison’s thriving downtown. The area also includes two of Madison’s three hospitals and offers many public transportation access points.
LJC is the full-service design and architecture arm of Clayco and is committed to enhancing the quality of the human experience and to improving how design and architecture can impact each individual’s emotional being. By harnessing the power of integrated design—including architecture, workplace strategy, interior design, landscape architecture, urban planning and engineering—the company achieves its clients’ goals and aspirations. For more information, visit www.theljc.com.
CRG is a privately held national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Indianapolis, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.
About Old National
Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the sixth largest commercial bank headquartered in the Midwest. With approximately $46 billion of assets and $28 billion of assets under management, Old National ranks among the top 35 banking companies based in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for eleven consecutive years. Since its founding in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships with clients and in the communities it serves. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment, and capital market services. For more information and financial data, please visit Investor Relations at oldnational.com.