South Main Artspace Lofts’ Repositioning Plan Moves Forward
- Sep 05, 2014
By Liviu Oltean, Associate Editor
Artspace, developer and longtime advocate for artists’ space needs, recently announced that it is ready to move forward with the long-awaited repositioning of the 87,625-square-foot South Main Artspace Lofts building at 138 St. Paul Avenue.
After having failed to receive tax credits from the state for low-income housing two times, the project has been slightly altered, leading to the increase of the total cost of the project by $2.1 million. Artspace will provide the $15 million necessary for the redevelopment of the historic United Warehouse with a 4 percent bond and with the help of fundraising, as reported by the Memphis Business Journal.
The company’s initial plan included the development of a $12.9 million mixed-use project that would feature 44 live and work spaces, an outdoor arts garden and 28,000 square feet of commercial and community space, which would also include 6 work studios with performance, gallery and event areas. The project was adjusted by increasing the number of live and work spaces to 58 and by reducing the size of the commercial space.
Upon completion, the price of the affordable units will range from 30 percent to 60 percent of the area’s median income and will be marketed to artists and their families. The project will also provide commercial space for nonprofit organizations, arts-oriented small businesses and outdoor community space for the residents and the rest of the South Main neighborhood.
The repositioning process is expected to last about a year, with the opening date tentatively set for early 2016.
Image Courtesy of Artspace