Construction will begin within the next three weeks on the $30 million redevelopment of the historic Commerce Building downtown. The project’s developers announced today they have closed on the financing for the project and are ready to begin converting the 59-year-old, vacant office building, which is on the corner of Laurel and North Third streets, into a 93-unit apartment complex with 6,500 square feet of ground-floor retail space.
“We are excited to get started on this project and want to thank the Mayor, Downtown Development District, downtown stakeholders and other elected officials for their continued support,” says developer T.J. Iarocci, CEO of Key Real Estate Co. “We look forward to redeveloping this historic building and delivering an unmatched living experience to our future residents.”
The Commerce Building project was announced early this year, but it has taken several months to put all the pieces in place because it is being financed through the U.S. Department of Housing and Urban Development 221(d)(4) loan program. Developers will also use state and federal historic building tax credits.
The 180,000-square-foot Commerce Building was constructed in 1955 and is an example of “international style” architecture. The one-, two- and three-bedroom units will be “luxury loft apartments” that range in size from 603 to 1,500 square feet.
See a gallery of new renderings for the Commerce Building renovation.
Community amenities for residents of the Commerce Building will include a ninth-floor, rooftop workout facility, a rooftop pool, on-site covered secure parking and a private business center. The development will also have a 5,000-square-foot rooftop restaurant on the ninth floor with a view of the river and downtown. Michael Lang, director of development for Key Real Estate, says no restaurant deal has yet been finalized but talks with several potential tenants are underway.
“We are really excited about the new addition on the ninth-floor rooftop, which will have great amenities for the residents … and a restaurant with the best views in the city,” Lang says.
The project should be completed by the first quarter of 2016. Milton J. Womack is the general contractor. Eskew+Dumez+Ripple is the architect.
