Loft Competition Press

Be sure to check out one of our previous posts about the loft competition

‘Loft-y’ goals not pie in the sky
Developers seek dwellers for buildings’ upper stories
http://www.fortwayne.com/mld/fortwayne/news/local/17078783.htm

From the article:

"A study last year by a New Jersey consultant concluded that up to 3,750 households annually would prefer to live downtown."

"With the exception of 104 condominiums built as part of the city’s Midtown Crossing project in the late 1980s, few apartments or condominiums have been added since – despite a wealth of vacant upper floors."

"One of the Downtown Improvement District’s lofts will be developed immediately above Smith’s. Another will be above 817 S. Calhoun St., and two above 916 S. Calhoun."

"Carmody expects each project to cost about $125,000, with the city providing about 40 percent, banks 40 percent and the district 20 percent. Each would be repaid through rental income. Property owners will cover some costs, too, including taxes and insurance."

"The lofts will be apartments initially, Carmody said, but may be available for purchase as condos later – at which point Shine and other owners would be rewarded for their participation. The property owners could also buy out the construction loans at any time and reclaim control of the improved property, Carmody said"