Work on the Stove Factory Lofts in Leavenworth, KS project seems to be slightly ahead of schedule, according to Steve Foutch, managing director of the developer, Foutch Brothers.
Stove Factory Lofts is being developed on the site of the former Tire Town, or Great Western Stove, complex in the area of Choctaw and Esplanade streets.
A majority of the complex will be developed for residential apartments. There also will be 10,000 square feet for office space. There also will be space for a restaurant.
According to Foutch, work on the project began about four years ago but there were delays related to financing. With financing secured, work resumed in December.
He said 36 apartments should be opened in an eastern area of the complex by the end of the year. He said the trick will be completing the site work and commons areas to the point that the apartments can be open next to ongoing construction for buildings along Second Street.
The remaining portions of the project should be completed by the end of 2014.
DOWNTOWN LOS ANGELES – At first glance, Fourth and Alameda streets seems like an unwelcoming portion of Downtown. Noisy big-rig trucks often travel down Alameda and there is little pedestrian traffic in the immediate area.
But in late 2005, Peklar Pilavjian, a co-owner of the St. Vincent Jewelry Center on Hill Street, saw the corner as his chance to jump on the Downtown residential bandwagon. He and some partners paid $9 million for a former storage facility on the northeast corner of the intersection. They planned to create 53 for-sale lofts in the 1923 structure on the edge of the Arts District near Little Tokyo.
Then, the recession hit and the market crashed. Banks stopped lending and projects stalled. In the following years the development plans flipped from condos to rentals and back to for-sale status.
Now, things have stabilized, and the story has a happy if long-delayed ending. Pilavjian and his partners finally completed the project, now called Beacon Lofts, in October. Six months later, they have nearly sold out the $20 million project.
Matthew Segal, 26-year-old son of noted architect-developer Jonathan Segal, now knows the pain of going it alone in the world of real estate development.
Last month he opened Postal Lofts, a three-unit, $1 million apartment project at 2692 C St. in Golden Hill – San Diego.
Developers and Mayor Rahm Emanuel held a groundbreaking ceremony Tuesday for the planned $45.6 million Shops and Lofts project here in the Bronzeville neighborhood.
The project, going up at 47th Street and Cottage Grove Avenue, includes a new five-story, 72-unit building with 55,000 sq. ft. of retail; two new six-flats; a new nine-flat; and a rehabilitated three-flat; along with parking for residents and visitors. A Wal-Mart Neighborhood Market will occupy most of the retail space, which is being developed by Skilken and TROY Enterprises. The Community Builders Inc. will develop the residential component, comprised of 44 affordable, 28 public housing and 24 market-rate apartments.
Ohio – Landmark Lofts, a proposed residential and retail development at Cemetery Road and Franklin Street, now is in the hands of Hilliard City Council after the city’s planning and zoning commission members March 14 unanimously approved a development plan for the project.
“This site will be a great asset to the city,” commission member Thomas Lyden said at the conclusion of a two-hour hearing for the case.
Complete Story – http://bit.ly/ZBBaWs