Developer proposes $23 million conversion of hotel near East Towne to affordable housing

In what could be a model, a developer and a social services provider are proposing a $23.4 million conversion of the Madison Plaza hotel near East Towne to lower-cost housing, including some units targeted to those with extremely low incomes.

Gorman & Co. and Lutheran Social Services are seeking $2 million in city financial aid to convert the two-story, 197-room hotel at 3841 E. Washington Ave. into permanent housing with 105 units, all restricted to those making no more than 60% of Dane County median income, or $55,680 for a family of three.
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