Tudor Development LP and Tudor Retail Partners LLC are the entities in charge of the renovation of the 83-year-old property, formerly a showroom for the stove maker. The Paric Corp. was the design-build contractor on the project. Tim Vaughan, project manager with Paric, tells GlobeSt.com that the building was in pretty bad shape at the start. "We've been doing a lot of redevelopment projects like this in the Downtown," he tells GlobeSt.com. "This is actually our fourth project like this in this area. It's all part of the revitalization of the downtown, and should help bring retail to this section as well."
The property has about 60% of the apartments already signed. The rental rates will range from $533 for a one-bedroom to $811 for a two-bedroom. The retail units will rent for around $13 per sf, modified gross.
Paric was able to keep many of the building's original features in the redevelopment, including the original brick interior walls, polished concrete floors, and tin ceilings for the retail units. A number of architectural elements were fabricated to match the original woodwork. Restoration and remediation helped the project earn historic tax credits and brownfield incentives.
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