Two years ago, Belmar Development
purchased 160 W. Fort when the Federal Reserve Bank moved to its new building on E. Warren Ave. The company plans to develop it into 84 rental lofts and ground-floor retail along with 26 interior parking spaces.
Belmar intends to maintain the historic façade of the building while modernizing the interior. The project was recently awarded a $1.3 million state brownfield tax credit and is pursuing federal and state historic tax credits as well. It is estimated that the project will generate $20.2 million in capital investment.
The residential units will range in size from 800 square feet and $1,200/month to 1,200 square feet and $1,500/month. After five years, depending on market conditions, the apartments may be converted to for-sale condominiums.
Developer Dwight Belyue hopes to begin construction in six to eight months and estimates that work will take 14 to 16 months to complete.
Source: Dwight Belyue, Belmar Development
Writer: Kelli B. Kavanaugh