What's Goin' Down(town)

The Downtown Improvement District is currenly in the process of conducting a downtown loft competition:

"Six downtown design firms have prepared innovative designs for converting long dormant upper floor space into cool living spaces for urban hipsters of all ages."

Some info on the loft competition:

Interior space as is

DID intends to build out four lofts in dormant or long vacant upper floors
DID, in conjunction with city financial support will finance improvements.
Owners will contribute space (seven years lease @ $1.00 and agree to cover added expenses from taxes and insurance)

DID will repay loans from income from renting the lofts during the term of $1.00 lease with the landlords.

At the end of the lease space reverts to property owners

Depending upon construction costs there may be a residual cost to landlords (not known at this time)
Rents are projected in the $800 - $1200 range
Unit sizes vary from 900 to 1600 square feet
DID desires to build a very high quality unit to generate enthusiasm about loft housing and living downtown.

The idea of the project is to prudently share risks between the DID, the City, and property owners.

Below are some pictures of one of the loft designs in development.

Design firm is Morrison, Kattman, Menze
Building owner is Tom Young

Ginormous version (2.19MB)
Ginormous version (2.08MB)
Ginormous version (2.67MB)

Ginormous version (574KB)