Occupancy of the first wave of converted downtown offices-to-apartments is about to start, with Brooklyn, N.Y., developer Yisroel Rabinowitz’s 201 Ann Uccello property leading the way.
The Grand, as the upper-floors of the 120-year-old former Masonic Lodge are now known, has hired a leasing agent and will begin renting the first of its 26 apartments for occupancy, beginning late October, early November, Rabinowitz said recently. The building’s ground floor houses The Tavern Downtown.
Rabinowitz said rents generally have been set for the one-bedroom units, averaging 880 square feet. He declined to specify them, which aides estimated a year ago would average around $1,400 a month.
Rabinowitz obtained a $3.8Â million loan from the Capital Regional Development Authority to do the $4.5 million conversion.
One outstanding issue concerns resident parking, Rabinowitz said. He is pursuing extra parking slots beyond ones on nearby Allyn Street for Grand residents, and has decided to fold those parking fees into The Grand’s rents.
At least 1,100 downtown apartments are in the conversion pipeline or planned.
— Gregory Seay
