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Loft
Living
Century-old
warehouses are being transformed into roomy lofts. By Liese
Hutchison
The
trend started along Washington Avenue. A few years ago, rows of
boarded up vacant buildings dotted the once thriving street. Today,
rehab fever is taking over as nightclubs, restaurants and even
a grocery store occupy what used to be the garment district.
One
aspect of this mixed-use resurgence is housing. When the first
developments of loft condos opened to the public, the response
was very positive. In fact, the demand has been higher than the
supply. "With 93,000 people working downtown, you have to figure
that some percentage of people would want to walk to work," says
Tom Reeves, executive director of Downtown Now!
Above:
This Washington Avenue loft illustrates the attractiveness
of these spaces, offering open floor plans, high ceilings, large
windows and architectural detailing not found in new construction.
One
of the most successful loft redevelopment projects is Loftworks'
10th Street Lofts. Craig Heller, managing partner,
wishes the 11-story building housed 131 loft condos instead of
31. "There is a huge demand for loft living, but there's just
not enough units," Heller notes. "We could easily add 200 units
a year down here and not even begin to tap the potential of the
market."
The
buyers of his 31 lofts break out into three groups: twenty somethings
who enjoy the urban experience, working professionals in their
30s and 40s and empty nesters. "It's a mix of people who are interested
in loft living. The ages of our buyers range from 25 to 60, with
45 percent being empty-nest couples," Heller states. Prices range
from $120,000 to $275,000.
What
is so attractive about loft living? The answers are numerous:
typically a great view, a short distance to work, high ceilings
and large windows, open floor plans and architectural detailing
not found in new construction. Heller says the last answer is
one of the reasons he fights to make sure that the older buildings
downtown aren't torn down. "They are a prime resource for lofts.
These old industrial buildings are brick and are the real deal
in terms of creating lofts," he states.
Another
successful loft project in the heart of Washington Ave. is University
Lofts. This $5.6 million rehabilitation project is a partnership
between Washington University's School of Art, Bank of America
and the Regional Housing and Community Development Alliance.
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Left:
The charming cafe-laden Laclede's Landing is adding hundreds
of market-rate housing units into its development mix. |
Located
in a warehouse built in 1907, the University Lofts feature live/work
space ideal for practicing artists as well as a first-floor gallery.
The eight-story, 60,000-square-foot building is home to 26 one-
and two-bedroom loft apartments.
The
University Lofts development was the brainchild of Washington
University Patrick Schuchard, a nationally recognized painter
and sculptor who has participated in numerous public and private
redevelopment projects throughout his career. The project provided
School of Art alumni with incentives to remain in St. Louis after
graduation. "I think (the development) will help make St. Louis
a more desirable place for young artists to live and start their
careers," says Schuchard, the E. Desmond Lee Professor for Community
Collaboration at the School of Art.
Reeves
says this interest in warehouse renovation wasn't enough to start
the loft development craze being seen right now. "The major banks
took the lead in helping small developers test the market. The
banks financed the acquisition and development to get the process
started."
One
of the leading banks has been Bank of America. "Our equity investment
in University Lofts is part of our continuing commitment to the
revitalization of downtown," remarks David Darnell, president
of Bank of America Midwest. "With its rich mix of residential
and cultural life, University Lofts will help create a 24-hour
downtown, which is essential to building a strong center city."
;Reeves
says that fostering good, solid developers doing quality projects
is a high priority for Downtown Now!, as it is for Laclede Landing
Redevelopment Corp. Tom Purcell, president, says that they've
been working on office and commercial redevelopment for years
at Laclede's Landing, but now the focus is shifting to housing.
"We already have 600,000 square feet of office space, 130,000
square feet of commercial space, one hotel completed and one hotel
scheduled to open; now we're expanding our redevelopment mix to
include housing," Purcell states.
Within
five years, Purcell expects to see 600 to 800 residential units
in Laclede's Landing. The first major project is the 280-unit,
$37 million apartment being developed by Lincoln Property Co.
This will be a new construction project, not a rehabilitation
project for loft living, but Purcell says that's in the works
too.
;"There
are currently two loft apartments located at 710 Second St.,"
Purcell says. Another four units will open later this summer one
block away. Purcell states that along with these small renovations,
the redevelopment corporation is in the planning stage of building
a loft condo complex. "We will have a diversity of offerings for
people who will really enjoy the combination of office, commercial
and residential development," he notes. Purcell believes that
living in Laclede's Landing will become so popular that older
buildings currently used for office space will eventually be redeveloped
into lofts.
Liese
L. Hutchison is an assistant professor in the department of communication
at Saint Louis University and a free-lance writer.
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