The historic Savarine Hotel located on East Jefferson one block east of Dickerson is being developed into more than 110 market-rate apartments and 6,000 square feet of ground-floor commercial space by the Urban Innovation Group. The two- and three-bedroom apartments will rent for $500 to $800 and will range in size from 450 to 1,100 square feet.
The four commercial spaces average 1,500 square feet. UIG is "in discussions with a sit-down restaurant," says Jason Jones of UIG. Other potential tenants include a Laundromat and a boutique clothier.
UIG also owns the Island View Apartments on Field Street just off East Jefferson.
"The East Jefferson corridor is the best development corridor in the city," Jones says. "I think it's got the highest potential value for your efforts. As an investor, it's an extraordinary place to develop assets—it's not as expensive [to acquire property] as Midtown, but you can reach close to Midtown prices."
UIG plans to be able to accept residents in September and for construction to be complete by later that fall.
Source: Jason Jones, Urban Innovation Group
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