Long-vacant downtown buildings get new lives as loft sites
By Cosby Woodruff •
[email protected] • July 6, 2008
Loft living, a staple in many cities, is gaining a larger foothold in Montgomery with a pair of side-by-side developments set to open the doors this year.
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They will join a limited but growing number of residential addresses in former retail, manufacturing and storage buildings in downtown Montgomery.
A new building can provide livable space in a loft setting, but according to Katie Smith of Foshee Management, it takes a renovated aging building to really set the tone.
"I think that gives it a charm," she said.
Josh Mandell, who is developing the Montgomery Fair Lofts and 22 Monroe Condos, thinks his two buildings, which stand side-by-side next to Court Square, have plenty of charm.
The Montgomery Fair, which will be ready for the first residents in about a month, is in the old department store of the same name. It is the building in which Rosa Parks worked when she refused to give up her bus seat.
That kind of history isn't lost on Mandell.
"A lot of the older workers on the project tell about going Christmas shopping there with their parents," he said.
The Montgomery Fair will have 14 one-bedroom rental units, which will lease for $660 to $950 per month. Larger units, and those with better views, will lease for the higher amount.
Mandell said eight or nine of the units have leases signed and most of the others are close.
The 22 Monroe Condos will open a few weeks after the Montgomery Fair. It will have nine units, six one-bedroom condos and three two-bedroom units. Those will be for sale or rent.
Smith refused to comment on a typical tenant at Montgomery Fair, but she said the most interest in the units is coming from people relocating to Montgomery rather than moving from one neighborhood to another.
Often they ask about the lack of certain services -- most notably a grocery store -- but that is no problem for the residents, she said.
"I haven't heard anything about it from them," she said of the residents.
Mandell predicted a grocery would open soon in downtown. Until then, driving a few miles for a gallon of milk or loaf of bread is something residents are willing to do.
"That is the one service that downtown doesn't offer that every other neighborhood has," he said.
He pointed across the area, noting the location of a drug store, dry cleaner and several restaurants.
Nearby office buildings and the availability of public transportation make the idea of living downtown even more attractive.
"I tell you, $4 gas doesn't hurt downtown living," Mandell said.
Gas prices may make it easy to live downtown, but the cool factor still plays a part.
"To me, it just seems to be a sexy thing to do," Smith said.
Foshee manages two other downtown loft projects, the 246 Lofts and the Alps, Smith said.
Other such residential centers dot downtown, with a few more in at least the planning stages, Mandell said.
He said when his two projects are completed, he wants to start another.
"We would like to find one," he said. "It is just hard finding one where the numbers work."
He complained that many downtown property owners have priced themselves out of his market, especially since renovation costs for an aging building are difficult to predict.
Not every empty aging building is suitable for lofts, he said.
His buildings allow him to put windows in every unit, something he says is a must. He also wants only buildings that are structurally sound and have pleasing views.
"We are in this at a great time," he said. "We could not have done it 10 years ago, and in 10 years it will be too late."
Mandell pointed to two nearby developments, none older than a few years, as the catalysts for downtown's residential boom.
"It is things like the Biscuits and Riverwalk," he said. "The new hotel is really creating a critical mass down here."
Montgomery City Hall, just across Monroe Street from the entrances to his two properties, has provided help in other ways as well, he said.
City officials helped him find grant money and cut through red tape.
"They have been really responsive and really supportive," he said.
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