JACKSON, Miss. — Developers say they have closed on financing for the planned conversion of seven historical buildings in Jackson into residences designed to be affordable for artists and others.
The Mississippi Business Journal reports (http://bit.ly/2ceFyp7) that HRI Properties plans to start construction immediately on the $10.4 million Jackson Art Lofts project.
Joshua Collen, an executive with the New Orleans-based developer, said in a mid-week news release that completion is expected in a year.
The project was announced in 2013 but was delayed because of the unavailability of Mississippi Historic Tax Credits. Legislators have since raised the cap on the credits. Collen has credited that and an increase in the Mississippi Home Corporation Low Income Housing Tax Credit with enabling HRI to proceed.
The historic tax credit will provide $2 million for the project, Collen said earlier this year. The Home Corporation credit will provide $741,000, he told the Business Journal in a Wednesday email.
Twenty-six of the 31 apartments are for those whose income is no more than 60 percent of the area median income. Rent for those units will be $565 a month for a one-bedroom and $675 for a two-bedroom unit, Collen said.
The apartments will be created from seven historical buildings on the north side of West Capitol Street across from the King Edward hotel.
The transformation of the buildings dating between 1885 and 1929 in the 200 block of West Capitol will include common areas, art gallery and studio space, a business center and a fitness center, according to the release
Information from: Mississippi Business Journal, http://www.msbusiness.com