Emerald Ridge

Rise redeveloped the former “Defense Area” of East Alton with 46 new affordable single-family lease/purchase homes with a development cost of $16 million. These homes surround three sides of Keasler Park and Recreation Center.  The area was developed in the early 1940’s as housing for the nearby Olin munitions plant employees during World War II.  Conceived to be strictly temporary housing, the barracks-style buildings packed as many small apartments in as dense a site plan as could be accommodated in the project area.  After the war, these buildings were not dismantled as originally planned but were sold off to private owners.  The first phase of redevelopment included the demolition of the existing, obsolete structures. The development team handled both the temporary and permanent relocation of residents.  In addition to the private construction and permanent financing, the development is utilized low-income housing tax credit equity, a State Affordable Housing Tax Credit-eligible charitable contribution, State HOME and a Low Income Energy Efficiency Grant funds, and Madison County HOME, CDBG and UDAG repayment funds.  The ribbon cutting for Emerald Ridge was held on April 6, 2015.