Developers trying fourth time to get apartment complex funding

PROTECTED CONTENT

If you’re a current subscriber, log in below. If you would like to subscribe, please click the subscribe tab above.

Username

Password

Login

Lost your password?

Username and Password Help

Please enter your email and we will send your username and password to you.

Email

Submit

← Back

by Mark Cheffey

Developers are going to attempt a fourth time to obtain financing for a large senior housing apartment complex for the north side of Palmyra’s Courthouse square.

Representatives from Roanoke Construction, a St. Louis firm, working with Ed Dent, a local landowner, gave a presentation during last Thursday’s regular Palmyra City Council meeting about the project, a $9.6 million 41-unit apartment complex.

This is the fourth time, including once last year, that state tax-credit funding is being sought for such a project known as Stone Creek Manor, but the representatives hope it will be the break-through time.

“I think we have a pretty good shot. We’re cautiously optimistic,” said Kevin Buchek, president of Roanoke Construction, which has completed similar projects in Missouri including the St. Louis and Kansas City areas.

Buchek said last year’s attempt was close to getting approval, and that this year’s application benefits from changes and additions that could result in earning the necessary points for success.

If the project receives funding approval in December, the way would be open for construction of the apartment complex in an L-shape fronting on Main Cross Street on the south and then extending north and east behind the new HNB facility now under construction.

It would require the demolition of the old Mear’s Grocery Store building, where it would be two stories tall, the back portion being three stories along the lower elevation.

In describing the project, Mike Duffy, of Roanoke, said it the complex would include both two and one bedroom apartments, each containing a kitchen area and, at least, the potential for a laundry closet.

The facility will also feature a community room, exercise facilities and off-street parking.

Occupants will range in income from $17,000 on up, and the facility will be managed on a day-to-day basis by the Northeast Community Action Corporation, which manages other apartment facilities in the region.