Mehran Changes Strategy from Leasing to Loft Conversion for Office Building
- Oct 11, 2013
By Anca Gagiuc, Associate Editor
Built in 1958, the office building at 517 Gold Avenue has been a federal office until the early 2000 when the office vacated the space. For the next decade the eight-story block property was vacant.
New Jersey developer and furniture retailer Anthony Mehran purchased the building in 2007 at an online auction for $1.51 million. He tried to lease it the first five years, but unsuccessfully. Changing the strategy, he decided to convert it to market-rate apartments using his own funds. For this the plumbing and electrical systems had to be reinstalled. The unit ceilings heights had to be increased to bring the living spaces closer to the industrial aesthetics design that’s currently in trend in newer urban apartment construction. The costs for the renovations have not been made public.
The building is planned to be renovated two floors at a time; once the first two floors are finalized, the leasing stage will start. The first phase of the project consists of transforming the first two floors into 60 loft-style studio-sized units that range in square footage from 350 to 600 square feet, reports Albuquerque Business First.
Completion on phase one has been postponed for the second quarter of 2014. “Things are moving along and we’re up to framing and doing plumbing and electric work on the first two floors,” said Anthony Mehran.
The architect hired for the redevelopment is Albuquerque-based Garrett Smith Ltd., and AIC General Contractor is in charge of the construction works.
Photo courtesy of Google.