Saturday, April 14, 2012

New Life for Urban Warehouses

Many old buildings are repurposed into related uses, but there is a growing trend to take industrial buildings and breathe new life into them as urban residential living spaces.  The open space provides a blank canvas for creative thinkers like Eddie Vanston to develop unique apartment homes.  Eddie's creativity does not stop there as he has developed an approach to financing that has allowed him to repurpose a number of buildings in south Fort Worth.  He has used historic tax credits to help fund his projects.  While this funding avenue has very specific restrictions and expectations, Vanston has developed relationships that have allowed him freedom and success.  His personal passion for reuse has led him to educate himself about the process of gaining tax credit approval and the details that make this type of project successful.  His office, on S. Main Street just south of downtown Fort Worth, has several apartments on the second floor.  Vanston shared some of the challenges of working within the expectations of the historic tax credits - such as the challenge of locating period glass when a window breaks - but clearly he enjoys the process of breathing new life into old buildings while maintaining a level of historic integrity.

Just around the corner are the Miller Lofts  (pictured above right) , a project Vanston is justifiably proud of.  The project is an adapted warehouse that is now home to several unique apartments.  Built in 1910, this building was home to the Miller Manufacturing Company and has been transformed into 16 lofts.  While this area is experiencing some revitalization, it is still primarily vacant warehouses, and therefore benefits from the gated parking lot.  One nice surprise when the wood and iron gate opens is the city garden (pictured on the right) that welcomes you to the community.  The interior of the building is basic and has an industrial feel, but the community that has been created is far from cold.  The residents seem connected in a way that no doubt stems from the unifying factor of each choosing to live in a unique residence - a live and let live attitude that does not only accept diversity, but embraces it.  The art work (pictured on the left), commissioned by a local artist, in one of the hallways illustrates this idea in vibrant color.  This is a unique living environment and a wonderful example of adaptive reuse.

Vanston is currently working on a new project just around the corner from Miller Lofts.  He has just beugn repurposing the old Supreme Golf Warehouse into a mixed-use development with retail/office space, a beer garden and restaurant, and loft apartments.  The challenges of balancing the historical expectations associated with the tax credits and meeting the market demands is sometimes challenging financially, but Vanston seems energized by the challenge.  He has opted to keep much of the existing finish out, even talking frankly about the possible need to "rough it up" because, despite its age, it looks too clean and new.  The plan includes large lofts and the addition of windows to open up storage spaces.  The challenge with this otherwise straightforward adition is that the windows must maintain the historical integrity of the project as required by the tax credit guidelines.  Vanston also plans to use the storage rooms as entry ways or closets, incorporating the weighted pulley door system.   There will also be a beer garden (pictured on the left) and event hall as well as ground floor office space.  As you walk through the project with hime, Eddie Vanston talks about the project with excitedment and confidence - clearly two of the qualities that have led to his strong investor base.

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