Developer seeks to expand Villas apartments

The Maryville City Council passed a resolution Monday in support of a proposal by D. Kim Lingle of MBL Development Co. who wants to add 24 residential units  to an existing 38-unit senior housing complex in south Maryville known as Villas at the Summit.

Completed in 2007, Villas at the Summit is located on the west side of Aurora Avenue, which runs north and south between South Hills Drive and Summit Drive. The proposed addition would adjoin the existing development on 3.76 acres of vacant land that Lingle purchased from the Community of Faith Church.

As with the initial project, phase II construction is to be financed through the Missouri Housing Development Commission, a quasi-governmental institution created by the Missouri Legislature that lends money to developers seeking to build affordable rental properties.

Since MHDC funds are limited and its loans are awarded competitively, Lingle needed the council's blessing in order to move forward with the financing application process.

A similar effort mounted by MBL last fall failed to win commission approval.

Lingle characterized phase I of the Villas, which caters to residents age 55 and older, as successful, and said the complex currently has a waiting lost of more than 20 prospective residents.

The new units would be similar to the existing apartments and consist of 900-square-foot, two-bedroom residences with appliances provided and carport parking.

Lingle said the new units would be "green certified," meaning they will be all-electric, tightly insulated and equipped with energy efficient climate control systems. Though green certification adds several thousand dollars to each unit, Lingle said similar projects in other cities had resulted in tenant utility bills totaling less than $70 a month.

Lingle's proposal is the second affordable-housing initiative come before the council this summer.

In July, the city's governing board approved a recommendation from the Planning & Zoning Commission to accept preliminary and final plats for a 40-unit apartment complex to be constructed on a large, vacant parcel located south of Walmart and north of Bearcat Lanes.

Volunteer Management & Development Co. Inc. of Jackson, Tenn., describes the project as a "planned unit development" that will provide housing for lower- to middle-income families. In addition to private investment, the company has qualified for a tax credit program administered by the state Department of Economic Development.

Pete Ramsel of CRA Investments said 32 of the units are to be reserved for tenants earning around $30,000 a year, or 60 percent of the county's median household income. Eight units will be leased to tenants with household incomes at the 80 percent threshold, or up to $47,000 a year.