Artspace ready to break ground on S. Main project
Groundbreaking for Artspace South Main Lofts is set for Sept. 29 now that financing for the $17 million project is complete.
Documents for construction permits were filed last month for the mixed-use space that will feature 58 affordable live/work apartments for artists as well as performance and event space and an outdoor art garden.
The project will renovate the historic United Warehouse at 138 St. Paul, build a new structure next door at 120 St. Paul, and connect the two buildings.
The mission is twofold: Provide affordable space for artists to live and work in Memphis, and increase the vibrancy of the South Main arts district.
The Memphis development will be Artspace’s 44th such project across the nation, but it stands out for Heidi Zimmer, the Minneapolis-based nonprofit’s vice president for property development.
“The local support (in Memphis), and not just financially,’’ Zimmer said. “The local financial support stands out. It has been tremendous.
The 112-year-old United Warehouse building with arched windows and doors will house 35 apartments, and the new building will have 23 apartments.
The building permit application estimates the renovation of the warehouse will cost $5.8 million and the new construction will cost $4.7 million. But the entire project will cost about $17 million, Zimmer said.
In addition to the apartments, another 12,000 square feet of commercial and community space will provide event areas and an outdoor art garden.
The complex will be a block south of G.E. Patterson Avenue and just east of Main Street.
Studios and apartments of one, two or three bedrooms will be available to artists earning less than 50 to 60 percent of the local median income.
Artspace will begin taking applications from potential residents next summer. But information sessions about who qualifies may start as early as January.
The nonprofit-led development is supported by mortgage financing through Pinnacle Bank, tax credit equity from First Tennessee Bank, private contributions led by the Hyde Family Foundation, and local government agencies that include Housing and Community Development, Downtown Memphis Commission, and Shelby County Health, Educational and Housing Facility Board.