The Klassik Property is back for what is expected to be its final review by the Plan Commission this month.
The property, at the 410 and 420 W. Verona Ave., has for decades been the site of Dok’s Klassik Tavern (formerly the Cozee Inn) and Old National Bank (formerly Anchor Bank). The new development, first presented in the summer of 2020, would tear down both buildings and replace it with a single three-story building with a total of 63 apartment units and 6,200 square feet of commercial space, including one spot reserved for a smaller Old National Bank.
The Northpointe development project would feature a two-lane drive-thru and underground parking, with an anticipated construction start this winter and occupancy next spring.
The commission will review the precise implementation plan, which is the last public step in the development process, on Tuesday, Sept. 7. The commission provides a recommendation to the Common Council.
Separately, the council also would need consider whether to grant tax-increment financing for the project to help fund its affordable housing and the commercial space beyond Old National’s needs. The developer also plans to seek federal funding for the affordable housing, according to the application.
All of the 63 housing units would be rent-restricted for a minimum of 35 years and available to households earning 30-80% of the county median income, according to the plan. Northpointe would be the long-term owner of the project, and will target households of varying sizes, as well as veterans and people with special needs, the application states.
Northpointe has signed an agreement with Lutheran Social Services who will provide a service coordinator to the property to connect tenants with resources and services within the community, the application states. It has also secured $1.5 million in funding for its affordable housing through the Dane County Affordable Housing Fund.