Madison, Wisconsin – Madison Development Corporation (MDC), SSM Health, Lake Ridge Bank, and community partners celebrated the grand opening of The Bankston Apartments with a ribbon-cutting ceremony on September 3, 2026.
Located at 429 W. Mifflin Street, The Bankston Apartments brings 40 new homes to downtown Madison, including 30 apartments reserved for households earning at or below 80% of Dane County's Area Median Income. The development was made possible through a collaborative partnership among MDC, SSM Health, Lake Ridge Bank, and the Dane Workforce Housing Fund II. SSM Health's investment in The Bankston Apartments is part of the organization's broader impact investment strategy, which supports initiatives that address the social drivers of health and strengthen community well-being.
Named in honor of longtime MDC board member Vicki Bankston, the $11.2 million development helps address Madison's continued need for quality workforce housing near jobs, services, and public transportation.
"The Bankston represents what is possible when mission-driven organizations come together to invest in housing and community well-being," said Megan Timm, Regional Director of Community Health for SSM Health Wisconsin. "Safe, stable housing is foundational to health, and we're proud to support a project that helps more individuals and families live close to where they work while strengthening the long-term vitality of our community."
Beyond providing much-needed housing, The Bankston celebrates the history and character of the downtown neighborhood through thoughtfully designed community spaces and local art.
A permanent historical timeline in the building's vestibule highlights more than 50 years of Mifflin Street history through archival photographs from the Wisconsin State Journal and The Capital Times. A fourth-floor community room dedicated to longtime MDC board member and civic leader Stuart Levitan features a custom mural preserving elements of the home's history on the site, including salvaged architectural features incorporated into the artwork.
Residents and visitors will also find locally inspired photography by Madison artist Matt Perrin, restored stained-glass windows salvaged from former homes on the property, a fitness room, in-unit laundry, energy-efficient building systems, on-site parking, and secure bicycle storage.
"The Bankston is more than an apartment building. It is a place that honors the neighborhood's history while creating new opportunities for people who want to live and work in downtown Madison," said Lorrie Heinemann, President and CEO of Madison Development Corporation. "We are grateful to our many partners who helped bring this vision to life, including SSM Health, Lake Ridge Bank, the Dane Workforce Housing Fund II, Knothe Bruce Architects, and Connery Construction, whose team has been an outstanding partner throughout the project."
Founded in 1977, Madison Development Corporation is a nonprofit organization dedicated to developing, owning, and financing quality affordable and workforce housing throughout Madison and Dane County. The opening of The Bankston expands MDC's housing portfolio and advances its mission of creating housing opportunities that strengthen communities.
About Madison Development Corporation
Madison Development Corporation (MDC) is a nonprofit community development organization dedicated to developing, owning, and financing affordable and workforce housing throughout Madison and Dane County. Since 1977, MDC has worked to create housing opportunities that support strong neighborhoods, economic vitality, and community well-being.
About SSM Health
Nationally recognized for quality and innovation, SSM Health is a Catholic, not-for-profit, fully integrated health system working to advance health equity and empower all people to achieve their full potential.
With care delivery sites in Illinois, Missouri, Oklahoma and Wisconsin, SSM Health provides convenient access to high-quality community-based services as well as world-class academic medicine, clinical trials and research studies. The organization’s footprint includes hospitals, physician offices, outpatient and virtual care services, senior care, comprehensive home care and hospice services, a fully transparent pharmacy benefit company, a health insurance company and an accountable care organization. As one of the largest employers in every community it serves, the organization’s more than 40,000 team members and more than 15,000 providers are dedicated to fulfilling SSM Health’s Mission: “Through our exceptional health care services, we reveal the healing presence of God.” For more information, visit ssmhealth.com or find us on Facebook and LinkedIn.
