The ōLiv Madison proposal is a significant investment in the heart of downtown Madison designed to enrich the community at-large by creating:
- 110 beds that will be leased at a significant discount to market rates, reserved for students from low to moderate-income households that will be qualified with the assistance of the UW Office of Financial Aid
- Adding more housing supply (particularly rental opportunities) helps alleviate demand to create a more price competitive market for all. In bringing over 1,100 new beds to Madison, this project will have a sizeable impact on the housing supply, which will put downward pressure on rents in the market, particularly in the student market
- Large mix of unit types, which will provide options for potential tenants across a wide range of budgets, from micro studios to 5-bedroom units
- Planned Entrepreneurial Incubator proposed
- Unique personal & professional development opportunities open to the public
- Award winning Core Lifestyle program provided for residents at no cost which includes a wide range of extracurricular programming from Mindfulness training and yoga to resume workshops and headshot photo shoots
- Approximately $2 Million per year generated in tax revenue over and above the current tax receipts collected on the property
- The ability to be a catalyst for the creation of a future State Street TIF District
- Revenue supports critical infrastructure, services and education otherwise funded by taxpayers
- An additional contribution of nearly $2 Million to be contributed to the City’s Park Fund
- Hundreds of well-paying construction jobs and apprenticeships
- Permanent employment opportunities in property management, including part-time work for students as Community Assistance or Business Development career training program
- Retail employment opportunities on-site
Foot Traffic for Local Businesses
- New consumers living on-site will eat at local restaurants, shop at nearby businesses and promote foot traffic for area businesses.
- Millions of dollars in incremental discretionary spending power to support economic recovery from the pandemic
- The project will achieve certification from National Green Building Standard, the only green building rating system for homes and apartments approved by the American National Standards Institute (ANSI), as an American National Standard.
- Encourages Multi-Modal transportation and promotes walkability and bicycle use
- A massive system of green roofs and landscaped terraces, including a 7th floor sky park
- Green features such as Energy Star rated appliances; Energy Efficient HVAC,
- LED lighting throughout; Low-flow plumbing fixtures; and Occupancy Sensors in Common Areas
- In response to input from the Landmarks Commission, the project incorporates the reconstruction of the existing faces located at 315 W Gorham, 317 W Gorham and 322 W Johnson into the design of the project.
- Incorporation of these facades creates additional articulation along the expanded pedestrian environment while painting ties to the historic character of the block.