McCormack Baron Salazar Reveals New $27 Million Development in Downtown Alton

McCormack Baron Salazar (MBS), a leader in urban neighborhood revitalization, announced a significant new project: The Lovejoy in Downtown Alton. This $27 million initiative aims to inject life into the area by introducing 70 modern apartments primarily targeting young professionals to halt the exodus of the 20-34 demographic. Situated at the underutilized southwest corner of Ridge and 4th Street, the development will include amenities like a rooftop deck and fitness center. Drawing inspiration from a similar successful model in St. Louis, The Lovejoy hopes to stimulate further economic activity and investment in Alton. Of the units, a large portion will remain affordably priced due to tax credits, while market rate adjusts to economic changes. MBS plans to utilize diverse funding channels, including tax credit equity and state aid, with expected support from the City of Alton, who are considering incentives like TIF and CDBG funds. Construction could commence by March 2026, pending the necessary approvals.