The
Northeast Community Development Corporation initiated a proposal for the Jac Flats condos some years ago, but it was shelved due to market troubles.
Now, it could come back in a new form.
Artspace Projects, Inc., a Minneapolis-based nonprofit real estate developer that's working with the community development corporation, has adapted the project for 35 affordable live/work apartments for artists, according to Artspace project manager Andrew Commers.
The $9.3 million four-story apartment building will be constructed on the same lot, at Jackson Street Northeast and 18 ½ Avenue Northeast, and it retains many of the same ideas, including the artist focus.
"All units will be for low-income artists and their families," Commers says, explaining that some units will be reserved for those making 30 to 60 percent of the area median income.
The apartments will have high ceilings and big windows that allow for plenty of natural light, which he says is ideal for artists who'll work in the space.
Tenants will decide what to do with a 2,500-square-foot communal space, which could be used as a studio, gallery, or classroom. "It'll depend on their interests and energy," he says.
The flats will also have underground parking, while a portion of greenspace on the property could become a sculpture park.
As a whole, the project will blend in with the neighborhood, in terms of height and contours, he says.
Several noteworthy project funders are
Wells Fargo,
LISC (Local Initiatives Support Corporation), a sponsor of The Line, and the
Greater Metropolitan Housing Corporation (GMHC), he says.
Additionally, the city awarded $50,000 in federal low-income tax credits to the development. It's a small allocation but it demonstrates early support for the project, he says, and will give it a competitive edge in the next application process.
Right now Artspace is pursuing affordable-housing subordinate funds from the city, county, and state, he says.
If those applications line up, it'll position the project to be fully funded and may allow for construction to start in early 2012, he says. Then, following 18 months of construction, the Jac Flats could be ready for leasing in June 2013.
Source: Andrew Commers, Artspace, project manager
Writer: Anna Pratt