New City Neighborhood Redevelopment LLC, known for projects such as the old Hamilton Brown Box Building, is renovating and rehabbing a series of vacant buildings into retail, commercial and residential space.
The five-story Spool Thread Building at 1113 Locust Street was the original Spool Cotton Company Building built in 1904 and formerly home office and sales room for one of the giants in the distribution of cotton thread throughout the United States. The $1.3 million building project will feature all commercial space - four floors of condominium office space and first floor retail with above and underground parking. Each floor will be approximately 4,000 square feet and cost $350,000 each.
The 20,000 square foot building's original red brick, late 19th and early 20th century revival style was maintained, with new electric, sprinklers, plumbing, mechanical and security systems added.
New City also did a total gut rehab of the neighboring building at 1121 Locust and converted it into The Alexander Lofts. The details of this $2.7 million dollar project include eight luxury residential loft-condos on four floors and 1st floor condo retail. The residential units will range in price from $400,000 to $425,000 and feature high ceilings, an exterior balcony, stainless steel cabinets, granite counter tops and master baths with walk-in showers. The parking lot between the two buildings will serve as parking for tenants; there are also 20 parking spaces underneath both the lot and building.
Financial placement for these projects came from Enterprise Bank (their first downtown rehab project) and through the use of state and federal historic tax credits and tax increment financing. The Spool Thread Building will be complete by March 2005 and Alexander Lofts by May 2005.
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The five-story Spool Thread Building at 1113 Locust Street was the original Spool Cotton Company Building built in 1904 and formerly home office and sales room for one of the giants in the distribution of cotton thread throughout the United States. The $1.3 million building project will feature all commercial space - four floors of condominium office space and first floor retail with above and underground parking. Each floor will be approximately 4,000 square feet and cost $350,000 each.
The 20,000 square foot building's original red brick, late 19th and early 20th century revival style was maintained, with new electric, sprinklers, plumbing, mechanical and security systems added.
New City also did a total gut rehab of the neighboring building at 1121 Locust and converted it into The Alexander Lofts. The details of this $2.7 million dollar project include eight luxury residential loft-condos on four floors and 1st floor condo retail. The residential units will range in price from $400,000 to $425,000 and feature high ceilings, an exterior balcony, stainless steel cabinets, granite counter tops and master baths with walk-in showers. The parking lot between the two buildings will serve as parking for tenants; there are also 20 parking spaces underneath both the lot and building.
Financial placement for these projects came from Enterprise Bank (their first downtown rehab project) and through the use of state and federal historic tax credits and tax increment financing. The Spool Thread Building will be complete by March 2005 and Alexander Lofts by May 2005.
