More Lofts Proposed For Downtown St. Joe

[Rev]

http://www.stjoenews-press.com/Main.asp ... leID=52082



[quote]A Kansas City architect is taking another crack at converting an abandoned warehouse into market-rate lofts in downtown St. Joseph.
Steven Foutch’s first effort failed when the Planning Commission unanimously denied a rezoning request for the property across the street from a pesticide and chemical plant. City Planner Jim Holley said Mr. Foutch put the project on hold and is considering selling the building, the former Research Seeds agricultural processing plant at South Third and Sylvanie streets.

This month, the architect is scheduled to go back to the Planning Commission seeking approval of a 353 Redevelopment project at 405-417 N. Third St. The seven-story, brick building was constructed in the early 1920s for the Noyes-Norman Shoe manufacturing company.

It since has been used as a sheltered workshop and, more recently, for storage.

Mr. Foutch wants to remodel the factory into an urban apartment building with 45 open-space lofts with balconies, a roof garden and a lower-level fitness room with a hot tub. A fourth of the first floor would be leased out for offices.

He also plans to purchase a vacant lot on the northeast corner of Faraon and North Third streets and a 12-foot wide strip on the south side of the factory for off-street, private parking.

The $4.4 million Lofts@415 Redevelopment project would use state and federal historic tax credits and conventional band financing.

The 353-redevelopment designation essentially would freeze real estate taxes on the properties at current levels for 10 years. At that time, the property would be assessed at its actual improved value but taxed at only 50 percent of the value for 15 years.

Last month, the Planning Commission recommended 353-redevelopment status for The Lofts at Landmark, an affordable housing project by Townsend & Wall Redevelopment Corp. The City Council is expected to approve the tax abatements at its April 29 meeting.

The $6.5 million project would convert the Landmark Building at 202-210 N. Fourth St. into 45 residential apartments.

That corporation is a subsidiary of Jeffery Smith Cos., which last year completed renovation of the Townsend & Wall Dry Goods store at Francis and Sixth streets into affordable housing. The department store rehab also used 353 redevelopment tax abatements

Under state law, 353 redevelopment designation allows a developer to take a blighted property, make major improvements but slash tax liability on the increased property value for up to 25 years.

Another development firm, Carlson & Gardner Inc., plans to convert the Pilgrim Building at 216 N. Fourth St. into affordable loft apartments with a courtyard behind the renovated “facade.â€

[WILDCAT NATION]

All I can say is that Boudreaux's kicks arse!

[dangerboy]

Great news. St. Joe has a large inventory of historic buildings like these, and it's good to see them finally being reused. Hopefully the renovations will gain momentum and others will step up with more developments.