Milwaukee developer Mandel Group announced Tuesday it has completed assembling a $65 million financing package to construct Element Collective, a 197-unit workforce housing development located in University Research Park.
The development will have a wide range of income-based rental rates.
“Element Collective has been a long journey for us,” Robert B. Monnat, senior partner for Mandel, said in a statement. “After developing huge momentum in 2019, we were stymied first by Covid and then by the combined impacts of inflationary construction costs and prohibitively expensive costs of borrowing.”
The city of Madison Department of Planning, Community and Economic Development used a public/private partnership in September 2024 to solidify the funding strategy.
“I’m very excited to see this project moving forward,” Madison Mayor Satya Rhodes-Conway said in a statement. “It will create more housing choices along an important transportation corridor and right near a BRT stop.
“It’s also in University Research Park, a key employment area. We look forward to a continued partnership with URP, the Mandel Group, and the rest of the development team on this project.”
