Julian Walters, founder and CEO of Eminent Development Corporation, will host a groundbreaking ceremony on June 19 — Juneteenth Day — for a new permanent housing development targeting youth transitioning out of foster care or experiencing homelessness called Park Lofts on Madison’s South Side.
“To have something monumental lined up on such a great national holiday, we couldn’t miss the opportunity to break ground on our Park Lofts development, an affordable housing project that is going to have a housing component for youth who have aged out of foster care and have experienced homelessness,” Walters tells Madison365. “So we’ll have 11 units set aside with vouchers for them.”
The rest of the units’ income is restricted to tenants with less than 60 percent of Dane County’s median income. The 44-unit affordable apartment complex will mark a significant milestone in providing stable housing and support for vulnerable youth in Madison’s South Side. The lot at 1202 S. Park St., where the building will be constructed, has been empty for quite some time.
“A long time ago, it was a newspaper-type of place and then it was a commercial building where Project Bootstrap and other organizations were located,” Walters remembers. “Then they tore it down. They tried to redevelop it about 6 or 7 years ago, but it didn’t work out. They restructured the use for it, and we were able to make something come to life.”
Walters says that he will speak at the groundbreaking along with Linda Ketcham, the longtime executive director of JustDane. “There will be representatives at the event from National Construction Incorporated, the general contractors, and Lutheran Social Services of Upper Michigan and Wisconsin, the property manager and co-developer,” Walters says. “We will have consultants from the whole development team, city officials, people who helped throughout this process will be there to celebrate.
“We’ll have light refreshments, music, a food truck, and we really just want to mark and highlight the significance of the day, but also the development, as Black excellence will be on display,” he adds.
The new project will have 100 percent affordable units ranging from 30-60% of the area median income (AMI), Walters says. There will be on-site support services, including counseling, job training, and life skills workshops and community spaces for residents to gather and build relationships. There will be partnerships with local organizations to provide comprehensive support.
“This project is about more than just building housing; it’s about providing a foundation for young people to build their futures,” Walters says. “We are committed to creating a safe and supportive environment where these individuals can thrive and reach their full potential.”
Eminent Development Corporation is a Madison-based organization dedicated to creating innovative housing solutions and community development projects. With a focus on addressing social challenges. Eminent “strives to build stronger, more resilient communities through strategic partnerships and impactful initiatives.”
“We’re expecting a construction period from anywhere between 12 to 14 months for Park Lofts. So around this time next year, we should be beginning to lease that process,” Walters says.
