A new mixed-income apartment development is set to break ground near Covington, aiming to add much-needed rental options in an area where local leaders have repeatedly warned that affordable housing supply isn't keeping up with demand.
The project, called Capstone at Covington Place, will bring 80 apartments to a site on Falconer Drive, near the U.S. 190 commercial corridor just north of Interstate 12. The $31 million community is being developed by the Banyan Foundation, a Birmingham-based organization with a track record of affordable and mixed-income projects across the Southeast, including sites in Louisiana.
Why this location is getting less pushback than usual
In St. Tammany Parish, apartment proposals often draw heavy criticism from residents who worry about traffic, strained infrastructure, and declining property values. This project, however, has largely avoided the kind of neighborhood opposition that tends to follow multi-family developments.
One reason is the setting: the complex is planned beside the Lowe's Home Improvement store, in a zone that already leans heavily commercial. Because the land is already zoned for multi-family housing and sits amid retail development, parish officials say it's a more natural fit than a project placed near established subdivisions.
The developer also emphasized that the organization tries to avoid pursuing sites that would trigger large-scale conflict, preferring locations where the proposed use aligns with existing zoning and surrounding land uses.
How the "mixed-income" model will work
According to the development team, the project is designed to serve a range of household incomes—not a single income bracket. Rent levels will vary by unit type and tenant income, with apartments designated for households in different earnings ranges:
- A small portion aimed at residents earning under $30,000 per year
- A larger share targeted to households in the $30,000–$50,000 range
- The majority marketed toward residents earning roughly $60,000–$80,000
The goal, the developer says, is to create a community where residents with different income levels can live in the same complex, rather than separating "affordable" housing into a standalone category.
Funding tied to post-Ida recovery
A significant part of the financing—about $15 million—is coming through federal grant funding administered by the State of Louisiana, intended to support areas impacted by Hurricane Ida. That money helps close the gap that often makes mixed-income developments difficult to build without either sharply higher rents or heavy private subsidies.
A broader housing debate in St. Tammany
The timing of the project lands in the middle of a larger parish conversation: how to grow without overwhelming infrastructure—and how to create housing options that match what workers can actually afford.
Real estate figures in recent months have shown St. Tammany home prices holding at levels that can be tough for first-time buyers or moderate-income families. Meanwhile, builders have long argued that the permitting process for multi-family or entry-level housing can be difficult. Residents, on the other hand, frequently urge parish leaders to slow development until roads, drainage, and public services catch up.
Parish officials have also discussed ongoing efforts to complete a more detailed housing analysis that could clarify exactly what kinds of housing are most needed, and where.
Local official calls it a "good fit"
The parish council member representing the area said the project appears appropriately placed—largely because the zoning supports it and the surrounding environment is already commercial. He also framed it as an example of trying to balance competing interests: homeowner concerns about growth and property values, and the region's need for more housing inventory.
If the construction timeline stays on schedule, Capstone at Covington Place will soon move from site work into full development—adding 80 new rental units to a parish still searching for the right formula to meet housing demand without fueling backlash.
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