The Lofts on Arts Avenue, a new 36-unit condo project in the Stevens Square neighborhood, is now moving ahead with construction and sales.
Some buildings on the east side of the 1800 block of 3rd Avenue South have been boarded. The Minneapolis Community Development Agency will demolish them by late April or early May and prepare the site for construction, said Doug Kress, executive director of the Stevens Square Community Organization.
The initial marketing effort for the new lofts will target current Stevens Square residents, most of whom are renters. The neighborhood organization is mailing a letter inviting them to informational meetings on the project.
The meetings are May 7, 6 p.m. and May 11 at 10:30 a.m., both at the Acadia Coffee House at the intersection of Franklin and Nicollet avenues.
People representing the developer, architect and marketing team will attend, the letter said. Those attending will be able to view plans for the building and talk to a realtor and mortgage banker about their options.
Two of the lofts will have two bedrooms; the remaining lofts have one bedroom, according to information provided at a recent SSCO meeting.
Seven of the units are affordable to people making 50 percent of metro median income — two 936-square-foot units will sell for roughly $70,000 and five 1,057-square-foot units will sell for $85,000, a handout said. Eleven units, affordable to those making 80 percent of metro median income, will sell for $128,000.
Other units will sell at market rate. The most expensive will be two 1,526-square-foot units for $231,000.
Construction is expected to begin in August, with a projected move-in date of summer 2003.
The project is a partnership of Brighton Development, the Plymouth Church Neighborhood Foundation, Sandy Green Realty and the neighborhood organization. For more information on the project, call SSCO at 871-7307.