Thursday, July 02, 2009
Grand Central towers skyward -- luxury rental units in the heart of the UW campus
The real estate development boom of the last few years left Madison with a glut of unsold homes and condos when it cooled, but there is one kind of new development that is still doing well -- luxury rental housing for students near campus. The new $20-million-plus Grand Central development is mostly rented for the fall semester. It's the most expensive residential development launched in Dane County the last two years. Rents start at $1,195 for a one-bedroom and top out at $3,175 for a four-bedroom with a den. Residents can also reserve the 13th-floor party deck. "Developers have found students are willing to pay those higher rents for apartments with all the amenities," UW facilities planner Gary Brown tells The Capital Times.