A development company proposes building a 34-unit multi-family apartment complex on Alexandria’s Memorial Drive.

The Mississippi-based firm is competing for 9 percent tax credits issued by the Louisiana Housing Corporation.

Fairmont Apartments would be situated at 2152 Memorial Drive which maps indicate is a tract adjacent to Target.

Developers compete for a pool of credits available through LHC. Previous proposals from this firm have included Riverchase2 in Alexandria and Kingsmill Crossing in Pineville.

According to the filing, the cost estimate is $8.33 million. The multi-family homes would consist of 18 two-bedroom two-bath units and 16 three-bedroom two-bath units.

First mortgage on the deal would be $1.5 million with an equity total of $5.7 million. A home loan would contribute $1 million and the owner contribution would be $94,000.

Comments or questions can be directed to David Strange at David@RNOak.com.