February 24, 2025 – McCormack Baron Salazar, a prominent US-based real estate developer, has unveiled plans for The Lovejoy, a $27 million housing development aimed at providing much-needed rental housing in Downtown Alton, Illinois. The development will offer modern, affordable living spaces tailored for young professionals, featuring a mix of one- and two-bedroom apartments.

The planned location for The Lovejoy is the southwest corner of Ridge and 4th Street, which is currently home to a vacant banking facility and an underutilized parking lot. This project will introduce a single, elevator-served building designed with both functionality and community in mind.

"We are thrilled to bring this exciting new project to Downtown Alton," said a representative of McCormack Baron Salazar. "The Lovejoy will provide much-needed housing in a growing neighborhood, helping to create a vibrant, modern community that serves both residents and the broader city."

The facility will feature a range of amenities designed to enhance the living experience for its residents. These will include a spacious rooftop deck with panoramic views, a fully-equipped community room for gatherings, a fitness center for health-conscious tenants, and indoor bicycle parking to promote eco-friendly transportation. Additionally, the development will offer private green spaces and on-site property management to ensure smooth operation and high-quality service.

"The inclusion of indoor bicycle parking and green spaces reflects our commitment to sustainable living and providing a space that supports an active lifestyle," the developer added.

To fund the project, McCormack Baron Salazar will explore a combination of private debt, tax credit equity, and resources from both state and federal programs. This approach is designed to ensure that The Lovejoy meets the financial needs of the community while remaining an attractive investment for stakeholders.

Before construction can commence, The Lovejoy will undergo a rigorous planning and zoning review process through the Planned Development Procedure, which requires a public hearing and final approval from the local city council. "We are eager to work with the community and local leaders to ensure that this project fits seamlessly into the neighborhood," the developer’s representative noted.

Upon securing the necessary funding and approvals, McCormack Baron Salazar plans to begin construction in March 2026. The project is expected to bring much-needed housing to the area and contribute to the revitalization of Downtown Alton.

The majority of the 70 apartments will be classified as market-rate or workforce housing, making them accessible to individuals and families with a wide range of income levels. Rent prices for the one-bedroom units are expected to range from $790 to $875, while two-bedroom units will be priced between $955 and $1,060.

To further support the community, the workforce housing units will remain at affordable rates due to tax credits, ensuring that existing residents are not displaced as the neighborhood undergoes development. "By offering workforce housing at fixed, lower rates, we aim to maintain the diversity and stability of the neighborhood while also promoting growth," said the developer.

The Lovejoy represents a significant step forward in addressing the housing needs of Downtown Alton and reflects McCormack Baron Salazar’s ongoing commitment to community-driven development and sustainable urban planning.

Originally reported by World Construction Network.