Multifamily Development Site | 41.29 Acres
Prime 41.29-acre parcel of multifamily land along McCoy Road and US Hwy 151 in Sun Prairie, WI
Marketing description
CBRE is pleased to present, as sole advisor to the owner of record, a 41.29-acre parcel of land situated along McCoy Road and US Hwy 151 on the west side of Sun Prairie, Wisconsin. The parcel benefits from a High-Intensity Residential Overlay district as designated by the City of Sun Prairie’s Comprehensive Plan (2019-2039).
HIR overlay identifies properties or areas in the Neighborhood Residential (NR) future land use areas that are suitable for high-intensity residential development. The objective is to provide a mix of housing types to provide for balanced neighborhoods, while mitigating negative impacts to existing or planned low-intensity residential areas. In general, high-intensity residential development is identified close to major streets, mixed-use areas, or commercial/ employment areas to provide convenient, walkable access to transit, shopping, restaurants, and other amenities.
Properties identified in the HIR overlay can provide both rental and owner-occupied housing, and ideally provide options for people of all ages who wish to live within a neighborhood
High-intensity residential development in the NR areas are expected to range 20-40 units per net acre (excluding streets, parks, outlots, etc.)
Intensive residential development will require special attention to the design where the use adjoins less intense residential development per the recommended
Landing Page: http://www.mccoymultifamilycbre.com/
Investment highlights
Madison Multifamily Market - The lowest vacancy rate in the nation among the top 69 markets according to CBRE research
Sun Prairie Multifamily Market - New inventory is readily absorbed as demand continues to be strong for new units in the Madison suburbs
High-Intensity Residential (HIR) Overlay - Suitable for high-intensity residential development & can provide both rental and owner-occupied housing
Conceptual Plans - CBRE worked with JLA Architects on conceptual plans for the site. Check the Virtual Deal Room for more information.
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