Deana Stroisch
The State Journal-Register
Sep 08, 2013
A St. Louis-based developer is looking to buy and rehabilitate the Pine Wood Apartments, a 168-unit complex on Springfield’s west side. Bywater Development Group has applied for financing for an $11 million, affordable-housing project through the Illinois Housing Development Authority. The group plans to acquire the property at 1665 Seven Pines Road, contingent on receiving state assistance.
Ward 7 Ald. Joe McMenamin and Mayor Mike Houston have written letters in support of the project, which will not require a city subsidy.
“This project will be good for the residents, the neighborhood and the city,” said McMenamin, whose ward includes Pine Wood Apartments. “It maintains and upgrades our housing stock. It would provide $6 million worth of construction activity to our local economy.”
McMenamin also noted that the developer is looking to offer 17 handicap-accessible units. About 70 percent of the units would be considered “affordable housing,” he said, and available for residents who earn 60 percent or less of the median income in the area.
Representatives of the company were drawn to Springfield’s Pine Woods complex because of its traditional architectural design, mature trees and landscaping and curb appeal, said J. David Dodson, CEO of Bywater Development.
“Another big plus is the Wabash biking-hiking trail that runs along the north property line of the complex. We got really excited about that, and the possibility of helping facilitate a direct connection to the trail with the complex. The Wabash trail is a great amenity for this property. We were hooked.”
Burnett said they expect to learn by the end of the year, or early 2014, whether the project will receive government help. If it does, rehabilitation work at the complex could begin next summer.
Joe McMenamin for Ward 7 