REPVBLIK PURCHASES MADISON AREA MADISON PLAZA HOTEL PROPERTY FOR ADAPTIVE RE-USE

Redevelopment to Create 155-190 Affordable Workforce Housing Units

MADISON, Wis., July 11, 2022 /PRNewswire/ -- Repvblik LLC -- the nationwide leader in privately funded marketplace solutions to create workforce, student, and senior housing through adaptive re-use of distressed real estate -- today announced the purchase of the Madison Plaza Hotel in Madison and unveiled plans to convert the hotel into much-needed workforce housing for the greater Madison area.

Repvblik plans to fully renovate and repurpose the property into an estimated 155-190 affordable studio and one bedroom housing units ready for occupancy in 2023.   

The property -- located on East Washington Avenue, Madison -- has already turned over the keys. Purchase price for the property was not disclosed. The project permitting process with the City of Madison will begin this fall.

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

Renovation and construction will commence once all permits and approvals are in-hand and is expected to include façade renovation, pool area updates, fitness center, lounge & game room, coworking space and meeting rooms, onsite laundry addition, parking lot refinishing, upgrades to interior fixtures and finishes, kitchenettes, and landscaping and greenspace.

"I'm ecstatic to see our vision coming to life," said Richard Rubin, Founder & CEO of Repvblik. "It's been quite the journey these last few years, but as we start developing and opening more and more properties, it's great to see our idea and vision become a reality. We strongly believe adaptive reuse has a 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 begun. 

Repvblik Leading in Adaptive Re-Use

Repvblik is leading in the nationwide trend of adaptive re-use real estate development without Federal funds or tax incentives.   

Recent Repvblik projects include:

• Reuse of two Motel 6's bolstering much needed affordable housing in the booming Reno, NV market.
  
  
• Conversion of a Wyndham Garden Hotel in Sterling Heights, MI. Construction is currently underway.
  
  
• Private-funded project to create 150 quality workforce housing units from a shuttered Ramada Inn property in Sheffield, AL.
  
  
• Conversion of a former Days Inn Property in Branson, MO, to be the largest affordable, workforce-targeted housing project in the US to be completed entirely without Federal funding or tax credits.

NOTE TO EDITORS: PROPERTY AND DEVELOPMENT PHOTOS AVAILABLE

About Repvblik

Repvblik is an independent property developer and a pioneer in non-Federal funded, non-LITC (Low Income Tax Credit) commercial marketplace solutions to achieve quality workforce housing, affording student housing, and 55-plus senior housing through adaptive re-use in communities nationwide.

Repvblik was formed in 2018 and is principally owned by PK Companies, LLC, and Richard Rubin.  PK Companies is a strategic investor in Repvblik and shares a common principal in Chris Potterpin.  Based in Okemos, MI, PK is committed to creating partnerships that provide housing solutions to better fulfill the needs of their communities, and it strives to add value to the areas that 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, Texas, and California.

MEDIA CONTACT:

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

SOURCE Repvblik