FORT WAYNE – A plan to convert a historic building into downtown apartments has won the tax credits that will enable the project to go forward.
The Indiana Housing and Community Development Authority awarded the Randall Lofts apartments in downtown Fort Wayne nearly $675,000 annually for 10 years in rental housing tax credits. Carmel-based RealAmerica Development plans to convert the historic building at 616 S. Harrison St. into 44 one- and two-bedroom apartments.
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The team behind downtown’s new Cliffs Edge Lofts development in lynchburg, VA is raising a red flag over a shortage of reliable, long-term parking for downtown residents.
“These older buildings tend not to have parking lots, and parking is really critical,” developer Blair Godsey said.
Last year, Godsey and George Stanley, a Roanoke-based partnership, converted a circa-1910 shoe factory into the 52-unit Cliffs Edge Lofts on Commerce Street.
Parking was cobbled together from a mix of on-site spaces, street spaces and permits bought in off-site lots.
Now the team is planning for two other major downtown loft projects.
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The developer of the massive Marina Lofts mixed-use project is hopeful that construction on the $150-million development could begin next year.
The project, now before the City of Fort Lauderdale for approval, calls for 1,000 rental apartments and a mix of boutique shops and cafes that could help revitalize a blighted section along the south side of the New River here.
Developer Asi Cymbal touts his Marina Lofts project will be a dramatic addition to the skyline and draw international attention to Fort Lauderdale. He hopes to obtain approvals this spring, with the first of three phases opening in 2015.
The designer for the project is Danish architect Bjarke Ingels.
Fort Lauderdale Mayor Jack Seiler says that while the development could be iconic, he doesn’t want it overshadowing the New River and the riverfront and suggested to Cymbal that the project be scaled back some, according to the Fort Lauderdale Sun-Sentinel.
“It’s very unusual for Fort Lauderdale, kind of catchy,” Seiler says. “But I don’t think any building should overwhelm a property.”
Cymbal says he has listened to the concerns of city officials and residents and intends to reduce the size of two buildings from 36 stories to 28.
After being stalled for years, the Filling Station Lofts project in Miami was sold at a $17.7 million discount to its foreclosure mortgage and the buyer plans to see it to completion.
PAC Capital seized it in foreclosure after buying a $26.9 million mortgage from Ocean Bank. Intrepid Group was the developer that started the 17-story project at 1650 N.E. Miami Court but ended up losing it.
BROCKTON — The first of what city officials hope to be many downtown redevelopment projects will start construction next week.
Developer Jason Korb has secured the financing for Station Lofts, the $9-million redevelopment of the Knight building at 124 Montello St., and construction is set to begin next week. A formal groundbreaking ceremony will take place next month.
A new, soon-to-be-open downtown Cleveland apartment complex is now taking leasing applications, offering another option in a near-capacity area of the city.
The Lofts at Rosetta Center is located just east of East 4th Street in the Gateway District (629 Euclid Ave.) – in the Rosetta Building (connected to the Holiday Inn Express) at East 6th and Euclid Avenue.
Developer Rocco R. Termini’s plan to return a highly visible North Buffalo building to its former glory won approval Tuesday from the Planning Board.
The former home of General Railway Signal Co. on Elmwood Avenue is known to many in Buffalo as the now-closed FWS furniture store. Termini has seen past the light gray paint and the windows that have been filled in with concrete and glass block and will remake the 1916 landmark into about 35 apartments, a distillery, restaurant, retail and office space.
The windows will be restored to look as they did nearly a century ago, and the paint will be stripped from the bricks, Termini said.