A controversial housing development proposal that city officials approved Tuesday could set a precedent for more affordable housing on campus, Mayor Paul Soglin said at a press conference Wednesday.
The proposal from developers Zilber Ltd. and Royal Capital Group to buy and renovate the Nob Hill apartment complex at 1108 Moorland Dr., on Madison’s south side, will move forward after a City Council vote upheld the Plan Commission’s October approval of the project, according to Ald. Mike Verveer, District 4.
According to Soglin, current students will not be able to live in the building due to a Federal Communications Commission regulation. However, he said Nob Hill will be an ideal housing option for recent graduates living on a moderate income because units will be offered at lower costs.
Despite the apartment not being available to students, Soglin said the addition of more affordable housing in Madison will benefit students in the future by reducing rental rates in other areas, including on campus.
Soglin said he believes the relationship between the developers and the community will set a precedent for future housing projects and has the potential to stimulate a more affordable market for renters in Madison, providing cheaper housing options for students.
