Artspace’s live/work loft project in downtown Memphis is getting a boost from an anonymous Memphian with a challenge grant of $500,000. The South Main Lofts will provide affordable housing for local artists to both live and work at 138 St. Paul Avenue in the South Main Arts District. The $15 million project has contributions from The Hyde Family Foundations, the Assisi Foundation of Memphis, the Ford Foundation, and the City of Memphis.
The $500,000 challenge grant will be matched dollar-for-dollar through the end of 2015 with the hope of inspiring local philanthropy to contribute to the project.
“Artspace has been working hard with outstanding community partners for years on the South Main Lofts project. The support we’ve received from the people of Memphis from the very beginning has been amazing. With the help of this remarkably generous new challenge grant, we look forward to a successful final fundraising push and a great new home for many, many Mid-south artists in the very near future.”
– Kelley Lindquist, President of Artspace
By providing local creatives with 58 units to use, Artspace intends to allow creative professionals to purchase space for a low-cost ranging in rent from $450 for efficiency units to $770 for three-bedroom units. There will also be several thousand square feet of retail and office space on the ground floor.
Check out the latest rendering below:
As soon as financing has been completed for the lofts, construction will begin in early 2016 and completion is expected in Spring 2017.
Go here to learn about how you can support the challenge grant.
Go here to learn more about the project.
Want to take a tour of the space? Contact Kerry Hayes at firstname.lastname@example.org.