Artspace Uptown Artist Lofts
Artspace Uptown Artist Loft Story
Artspace Uptown Artist Lofts is a $13.7 million project. Of this sum, less than 10% will come from private sources. The majority of funding will come through an allocation of Low Income Housing Tax Credits via the Indiana Housing & Finance Agency, which is committed and expected to generate at least $9 million in private equity. Other funding will include public sources such as city funds, state funds, historic preservation funds, as well as a private mortgage on the property.
While representing a modest portion of the total budget, private philanthropic dollars are essential to create special features in the project such as larger living spaces to accommodate art-making, common galleries, and space for community businesses and organizations.
Private donations will help close the final funding gap of $500,000. The project is on track to start construction in early 2015, with an anticipated completion date for the first quarter of 2016.
Artspace Uptown Artist Lofts is a project of Artspace Projects. Artspace is a national nonprofit real estate developer for the arts. Artspace was established in 1979 to serve as an advocate for artists’ space needs. In the 1980s Artspace made the leap from advocate to developer. Since then, the scope of Artspace’s activities has grown dramatically. Artspace is now the national leader in the field of developing affordable space that meets the needs of artists through the adaptive reuse of historic buildings and new construction. Today Artspace owns and operates 35 completed projects in 14 states and Washington DC, that serve more than 2,000 artists and their families. These projects include 3.5 million square feet of space for artists, nonprofit arts organizations, creative businesses, and entrepreneurs.
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If you prefer, you can mail your donation to:
Unity Foundation of La Porte County
422 Franklin St, Suite C
Michigan City, IN 46360