Developer Bear Properties has walked away from plans for a major apartment complex in Janesville’s Fourth Ward.
The company is now proposing 70-80 “workforce apartments” on North Parker Drive in the heart of downtown Janesville – in a city parking lot directly adjacent to the renovated Carriage Works building.
City Manager Kevin Lahner tells Big Radio that Bear’s 78-apartment-unit Rockport Road riverfront project is no longer moving forward. He says Bear’s new, Parker Drive project would use “non-competitive” tax credits, but he did not identify specific funding sources.
The city plans to declare the parking lot as surplus property to transfer it to Bear.
Big Radio obtained an unsigned letter circulating among downtown businesses. It raises concerns about the makeup of Janesville’s rental market. The letter includes an analysis of federal data that shows Janesville’s downtown rental market has shifted toward mostly lower-income apartment units.
The letter suggests that trend could undermine downtown revitalization efforts aimed at boosting property values and consumer spending.
Lahner describes the project as “workforce housing” – a designation that state housing authorities say would be apartments costing about $1,400 monthly in Janesville, based on median income.
The state’s definition positions “workforce apartments” at a price point between “market-rate” and “luxury” rentals, which now run between $1,800 and $2,400 a month in Janesville’s market — and so-called “affordable” housing, which runs between $800 and $1,000 a month here.
Bear’s previous Rockport Road proposal featured units ranging from $450 to $1,500 monthly. Bear has not submitted formal site plans for the Parker Drive project, and the company has not publicly announced rent structure for the project.
