The Blueprint
- Riverhavn project will add 250 apartments in two phases.
- First phase with 122 units set for completion in late 2027.
- Mix of affordable and market-rate housing planned.
- $76M project funded through public-private partnership.
MADISON, Wis. — Plans for a multi-phase housing project with 250 apartments outside of Madison took a step forward after getting local approval.
The city of Stoughton Common Council voted to approve a development agreement with Fitchburg-based The Alexander Co. to buy land ahead of the Riverhavn development. The first phase of the project, located on the Yahara River near the intersection of South Fourth and East South Streets, will deliver 122 apartments in 2027, developers said.
The project calls for two construction phases and a total budget of $76 million, developers said. There will be both market rate and affordable units for those making 60% of the area median income; in the first phase, 101 units will be 60% AMI and 21 will be market rate.
Krupp General Contractors will serve as general contractors and Potter Lawson is the architect, Alexander Co. officials said. JSD Professional Services provided engineering services.
The Alexander Co. agreed to buy a city-owned 10.9-acre lot between Fourth Street to the west, Seventh Street to the east, South Street to the north and the Yahara River along the south of the site. The city of Stoughton agreed to sell the land for one dollar, the development agreement showed.
“This approval marks an important step forward in the expansion of housing choices available in Stoughton,” said Joseph Alexander, president of The Alexander Co. “Riverhavn is the result of a strong public-private partnership that will bring homes and long-term investment to the riverfront,” he added.
The developer will follow the formal planning and design process and close finances before breaking ground around the third quarter of 2026, said Kendra Bishop, director of business development at The Alexander Co. Construction of the first phase is expected to take 14 months and will wrap up in late 2027.
The second phase will start in 2029 and is expected to be completed in 2030, Bishop said. When both phases are built out, Riverhavn will have 250 apartments.
Riverhavn will use public funding sources through state and federal low-income housing tax credits, tax incremental financing and brownfield grants, Bishop noted. The rest of the funding will come through private loans, investors and developer equity.
Apartments will feature expansive windows, private balconies and patios, energy-efficient appliances and in-unit washers and dryers, developers said. The development will also feature a club room with gathering spaces, a fitness center, an outdoor grilling area, private storage, a parcel delivery room, a pet wash station, garage and surface parking and electric vehicle chargers.
“Riverhavn is exactly the kind of thoughtful growth Stoughton has been working toward,” said Tim Swadley, mayor of Stoughton, in a statement. “This project adds high-quality housing at a range of price points while enhancing the public realm along our riverfront.”
The area median income for a household of one in Dane County was around $84,190, the Federal Reserve Bank of St. Louis reported.
Alexander Co. officials said they expect Riverhavn rents in 2027 will be around $1,285 to $1,590 for one-bedroom apartments, $1,529 to $1,900 for two-bedroom apartments and $1,755 to $2,500 for three-bedroom apartments.
