Work is wrapping up at the AM&As Warehouse Lofts conversion project. Tenants are expected to move in June 1 at the mixed-use commercial and residential complex. Forty-one of the 48 apartments are already spoken for with signed leases and security deposits. The complex includes 36 one-bedroom and 12 two-bedroom units.
Developer Rocco Termini is beyond pleased with the response to his latest project. He expects the building to be fully-leased when it opens. Termini says he has not shown the complex’s model unit in months, since all of the two-bedroom units are leased.
“I’m in shock,” says Termini. “It’s incredible. We didn’t cannibalize from our other downtown properties. This is pent-up demand.”
The project is Signature’s sixth downtown and largest to date. Signature’s portfolio includes Ellicott Lofts (38 units), IS Lofts (24), Oak School Lofts (29), Ellicott Commons (30), and the Webb Lofts (32).
In addition to the loft apartments, the project includes 15,000 sq.ft. of commercial space. It will be occupied by debt collector Phillips & Burns. Carmina Wood Morris, P.C. is project architect.
Termini’s Signature Development purchased the property in June 2009 for $720,000. Three, five-story inter-connected buildings fronting Washington Street, built between 1886 and 1911, two by architectural firm Esenwein & Johnson, are being renovated. A three-story addition constructed in 1965 at 34-42 East Eagle Street has been demolished to provide tenant parking.
Plans for redevelopment of the adjacent Lafayette Hotel and AM&A’s Department store are “progressing” says Termini. Historic Preservation Tax Law changes still need to be approved by the State and almost all of the financing is in place. More in a future post.
Get Connected: Signature Development, 716.861.5385