- change ups
Scrap Yard Lofts Opens This Fall
HOLLAND — Bosgraaf Commercial is moving right along on its redevelopment of a long-abandoned Louis Padnos Iron & Metal Co. building into a mixed-used development featuring 23 loft-style residential condos as well as commercial space.
The old Padnos facility at 146 River Ave. will be reborn as Scrap Yard Lofts in late September. Bosgraaf is undertaking the project in partnership with the Padnos company, which remains owner of the building.
The developers received state and city tax credits from the Brownfield Redevelopment Authority that will pay back the $5 million cost of the project over 30 years. They also received a 10-year Neighborhood Enterprise Zone designation and Historic Preservation tax credit incentives to help support the project, said Kevin Chalifour, who does marketing for Bosgraaf. The Neighborhood Enterprise zone designation entitles the developers to property tax abatements over a set period of time.
Chalifour said workers are now drywalling the interior of the 40,000-square-foot building. Depending on the size of the loft, leases will range from $499 to $1,299 a month, he said.
“We’ve had quite a bit of interest in the lofts,” Chalifour remarked. “We already have deposits on a few units. I get calls and e-mails almost every day about the lofts.”
As part of the project, Bosgraaf is renovating the four-story building directly behind Scrap Yard Lofts into an office building. Chalifour said there will be some 6,000 square feet of leasable office space on each floor and the building will likely open before Scrap Yard Lofts is completed.
“What we’re thinking is that we’ll probably split the space right down the middle and have two different offices on each floor, and then we’ll build to suit,” Chalifour noted.
Scrap Yard Lofts is similar in scope to Bosgraaf’s Baker Lofts project. Bosgraaf Commercial transformed the 100,000-square-foot former Baker Furniture factory at East 24th Street and Columbia Avenue into a $17 million mixed use residential, retail and office facility. Bosgraaf received $4.2 million in state and city tax credits from the Brownfield Redevelopment Authority in 2005 for that project. As of mid-August, only about a half-dozen of the 100 Baker Loft units were still available for lease or sale.