Janesville has had no shortage of major residential proposals within the past year as the city continues searching for ways to bolster its housing stock.
Add one more to the list.
The city council will hear a first reading Tuesday of a plan to annex 40 acres from the town of La Prairie that eventually could become the site of a five-building, 260-unit multifamily development.
The council’s regular Monday meeting was pushed back a day for the observance of Memorial Day.
The market-rate apartments would be located at the southeast corner of Myrtle Way and the Racine Street frontage road. They would neighbor the Oak Park Place assisted living facility and would be a stone’s throw from Interstate 90/39.
Myrtle Way would be extended through the site to form a three-way intersection with Sharon and Read roads.
Ryan Shoelace LLC owns 37 acres on the site, while the city controls a separate 3-acre parcel near Sharon Road. The parcels need to be annexed into the city and must undergo a variety of reviews by the Janesville Plan Commission, Planning Director Duane Cherek said.
Ryan Shoelace LLC is managed by the same family that operates Ryan Incorporated Central, which is adjacent to the housing proposal.
On the 40-acre site, the buildings would be tucked into 11.5 acres at the property’s northeast corner. Each building would be three stories and feature underground parking, Cherek said.
The project from Madison-based Hovde Properties is similar to a vision the company mentioned in September. The discussion was not a formal proposal last fall, but the idea has now come forward after internal staff changes at Hovde, Cherek said.
Hovde manages the Woodsview Apartments on the other side of Racine Street.
The unnamed proposal likely would receive tax increment financing incentives, but the city’s economic development office is still hammering out agreement details. Cherek was not sure of the project’s overall value.
The location makes sense for housing because of the Interstate accessibility and connection to the bike trail that passes through Palmer Park, he said.
The project is scheduled to return to the council July 8 for a public hearing. That gives the plan commission enough time to review zoning and site plan agreements.
Besides this one, the city has two other major housing developments in the works. One is a 119-unit proposal that would fill the vacant baseball fields on Woodman Road. The other is a 62-unit affordable housing project that would be built north of the Janesville Police Department.
Cherek confirmed that both of those ideas are still on the table.
Another big residential development, a 60-unit project known as Corner Block on Parker, fell through after the city and developers could not agree on a TIF deal.
Janesville also has several smaller-scale downtown apartment projects on the horizon, including one that recently opened. Cherek also pointed out a 25-unit expansion of Cedar Crest senior living, a plan that also has a first reading at Tuesday’s council meeting.
If some or all of those ideas become reality, they will relieve pressure on the tight local housing market.
“That’s a positive thing for the community that’s been a long time coming,” Cherek said. “We’ve been working hard to get to this point. I think we’re nearing that time where plans are coming forward with real consideration for review and approval.”