REPVBLIK ACQUIRES MADISON AREA MADISON PLAZA HOTEL PROPERTY FOR ADAPTIVE REUSE

Redevelopment to create 155-190 affordable workforce housing units

MADISON, Wis., July 11, 2022 /PRNewswire/ — Repvblik LLC — the national leader in privately financed market solutions to create housing for the workforce, students and seniors through the adaptive reuse of distressed real estate — has today announced the purchase of the Madison Plaza Hotel from Madison and unveiled plans to convert the hotel into much-needed workforce accommodation for the larger Madison Region.

Repvblik plans to fully renovate and transform the property into approximately 155-190 affordable studio and one-bedroom units ready for occupancy in 2023.

The property – located on East Washington Avenue, Madison — has already handed over the keys. The purchase price for the property was not disclosed. The project authorization process with the City of Madison will begin this fall.

Repvblik builds housing for the workforce for the 60% to 120% of median incomes in the region (AMI). In this property, rents will be affordable – meaning residents spend no more than 30% of their income on housing – for 60% of AMI earners, creating an affordable option for almost all middle- and middle-income earners .

Renovation and construction will begin once all permits and approvals are in place and is expected to include facade renovations, pool updates, fitness center, lounge and game room, space of coworking and meeting rooms, the addition of an on-site laundry room, finishing the parking lot, upgrades to interior fixtures and finishes, kitchenettes, landscaping and green spaces.

“I’m thrilled to see our vision come to life,” said Richard Rubin, Founder and CEO of Repvblik. “It’s been quite a journey over the past few years, but as we begin to develop and open more and more properties, it’s great to see our idea and vision become a reality. We strongly believe that adaptive reuse has its place in this economy and will continue to grow.”

In cooperation with HotelBrokerOne, Jameson and Company facilitated the sale of the 197-unit property.

The transaction closed in early March and construction/renovation is expected to take ten to twelve months once started.

Repvblik Leader in adaptive reuse

Repvblik is leading the national trend of adaptive reuse real estate development without federal funds or tax incentives.

Repvblik’s recent projects include:

  • Repurposing two Motel 6s to bolster much-needed affordable housing in the booming neighborhood Reno, Nevada market.
  • Conversion of a Wyndham Garden hotel to Sterling Heights, Michigan. Construction is currently underway.
  • Privately funded project to create 150 quality workforce housing from a closed Ramada Inn property in Sheffield, AL.
  • Conversion of a former Days Inn property to Branson, Missourito be the largest affordable, workforce-focused housing project in the United States to be completed entirely without federal funding or tax credits.

NOTE TO EDITORS: PROPERTY AND DEVELOPMENT PHOTOS AVAILABLE

About Repvblik

Repvblik is an independent real estate developer and pioneer of non-Federally Funded, non-LITC (Low Income Tax Credit) commercial market solutions for quality workforce housing, student housing and housing for people over 55 through adaptive reuse in communities. at national scale.

Repvblik was established in 2018 and is primarily owned by PK Companies, LLC, and Richard Rubin. PK Companies is a strategic investor in Repvblik and shares a common principal in Chris Potpin. Situated at Okemos, MI, PK is committed to building partnerships that provide housing solutions to better meet the needs of their communities, and strives to add value to the areas it serves to enrich the lives of their residents. PK’s portfolio now consists of completed projects and managed properties in Michigan, Indiana, Ohio, North Carolina, Missouri, Texasand California.

MEDIA CONTACT:

Matt Yemma
Peak Strategies
[email protected]
(909) 633 9396

SOURCE Repvblik

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