VOL. 127 | NO. 57 | Thursday, March 22, 2012
Downtown Board Grants Incentives
By Andy Meek
A new loft-style apartment development, a retail renovation and a new clothing store all got a helping hand from a Downtown development board Wednesday.
The Center City Development Corp. approved an $85,000 development loan for what will be a roughly $3.2 million mixed-use development Downtown called Printer’s Alley Lofts that will be anchored by loft-style apartments. It’s in the works for the northwest corner of Front Street and Talbot Avenue.
Project principals Robert Mallory and Vince Smith Jr. are planning to revamp an existing building and parking lot at 347 S. Front St. into their development.
The project would include 20 loft-style apartments. As part of the same project, a three-story building would be constructed in the parking lot and would include nine townhome-style units.
Several units would have attached garage parking. The building also will have about 750 square feet of ground-floor retail.
Construction is expected to start in August and end by June.
Meanwhile, the CCDC also approved a $66,000 development loan to help spur the renovation of the venerable A. Schwab store on Beale Street, which was purchased in December by a group of investors led by Terry Saunders and other Saunders family members of Piggly Wiggly heritage.
About $2.4 million in renovations are planned there.
The CCDC also approved a façade grant covering expenses of up to $6,922 for Life is Good, a retailer that designs, prints, embroiders and distributes its own product line, which includes men’s, women’s, children’s and pet accessories, T-shirts, sweatshirts, casual sportswear and accessories.
Life is Good is operating at 100 Peabody Place.