Repvblik Purchases Madison Plaza Hotel in Wisconsin, Plans Conversion to Workforce Housing
MADISON, WIS. — Repvblik LLC has purchased the Madison Plaza Hotel in Madison for an undisclosed price and plans to convert the hotel into workforce housing. Repvblik intends to fully renovate and repurpose the property into roughly 155 to 190 affordable studio and one-bedroom units. Completion is slated for 2023. Repvblik builds workforce housing for renters who earn 60 to 120 percent of the area median income (AMI). At the Madison property, rents will be affordable for those who earn 60 percent of AMI. In cooperation with HotelBrokerOne, Jameson & Co. brokered the sale of the 197-room hotel. Construction is expected to last 10 to 12 months.