US-based real-estate developer McCormack Baron Salazar has announced plans for The Lovejoy, a $27m development project in Downtown Alton, Illinois, to provide rental housing.

The project will encompass 70 apartments of one- and two-bedroom units, catering to young professionals.

Planned for the south-west corner of Ridge and 4th Street - currently occupied by a vacant banking facility and a car park - The Lovejoy will consist of a single, elevator-served building.

Amenities at the facility will include a rooftop deck, a community room, a fitness centre, indoor bicycle parking, private green space, and on-site property management.

To finance the project, McCormack Baron Salazar plans to explore a mix of private debt, tax credit equity, and state and federal resources.

The Lovejoy will undergo a planning and zoning review through the Planned Development Procedure, which requires a public hearing and final approval from the local city council.

On receipt of funding and the necessary approvals, construction is anticipated to commence in March 2026.

The majority of The Lovejoy's apartments will be classified as market-rate or workforce housing, with rents estimated between $790-$875 for one-bedroom units and $955-$1,060 for two-bedroom units.

The workforce units will remain at lower, fixed rates due to tax credits, aiming to prevent displacement of existing residents as the neighbourhood develops.