Historic Folgers building will become rental lofts and apartments
06/21/2013 6:54 PM
06/21/2013 6:54 PM
The historic Folgers building will get new life as a residential complex.
O’Reilly Development Co. LLC on Friday completed its purchase of the Garment District buildings at Seventh Street and Broadway. The acquisition is for two buildings, dating to 1912 to 1914, with a combined 217,160 square feet and an adjoining parking lot.
The purchase price was not disclosed.
O’Reilly plans to convert the property into rental lofts and apartments. It will utilize federal and state historic credits associated with historic preservation and adaptive use. The buildings will include studio, one-bedroom/one-bath and two-bedroom/two-bath units.
Construction is scheduled to start at the end of the year, with a completion date of spring 2015. A name for the complex has not been determined yet.
The south building will include underground parking on both the basement and sub-basement floors. The north building will have open parking in an adjacent lot and provide overflow parking for both buildings.
Amenities will include a fitness facility, a lounge and other gathering areas, a swimming pool and a courtyard. It also will have office and leasing areas.
O’Reilly Development Co., which was founded in Springfield in January, specializes in historic preservation, senior housing and affordable multifamily and student housing communities. Patrick O’Reilly, owner, and Denise Mathisen, the firm’s director of operations and development, have more than 30 years of combined experience in the housing development industry.
O’Reilly’s grandfather co-founded the O’Reilly Auto Parts chain.
In 2011, the Roasterie coffee company considered relocating to the Garment District complex. Folgers vacated the complex in 2012.