News
Morrissey Construction Company Breaks Ground on New Apartment Complex
(11/10/08) – Morrissey Construction Company is pleased to announce that it has broken ground on the Meachum Crossing Apartment Complex located in Venice, IL. The new affordable housing project will consist of 22 buildings, composed of townhome and tri-plex styles (5ACC/LIHTC units, 16 Project-based Voucher/LIHTC units, 49 other LIHTC units and 8 market rate units).
Meachum Crossing Apartments will showcase a mixture of one-, two- and three-bedroom apartments. All units will include ample amenities such as fully equipped kitchens, washers and dryers, ceiling fans, cable, and modern security features. In addition, the development contains 2400 sq. ft. management office and community room with kitchenette and computer lab, ample green space, lush landscaping, and controlled access into the development. The development is designed around a central courtyard, containing tot-lots and benches, to provide parents with ease in watching their children.
Meachum Crossing, L.P. and Madison County Housing Authority secured over $15 million in funding to complete the development. Illinois Housing Development Authority provided more than $12.9 million in financing towards the total project. State agency's investment included a $500,000.00 interest free loan from the State Affordable Housing Trust Fund and $1,366,000 in Low Income Housing Tax Credits. Local investments included a $600,000 loan from the Madison County HOME program and $929,000 loan from Madison County Housing Authority Replacement Housing Factor Funds.
A groundbreaking ceremony was held on Friday, November 6, 2008. Attendees included representatives from Madison County Housing Authority, IHDA, Morrissey Construction and other members of the development team.
"Behind every rainy day there's a rainbow, and the rainbow here is Meachum Crossing," Mayor Avery Ware said during the ceremony. "We have a rainy day today, but the rainbow we have behind us is going up in the name of Meachum Crossing Apartments."
Morrissey Construction Company is a general contracting firm actively engaged in all phases of the construction industry for nearly 55 years, specializing in the development and construction of multi-family affordable housing developments, educational, design/build, commercial and institutional facilities.
