One of the larger buildings in the Larkin District is one step closer to getting a new life. Indiana-based KCG Development’s plans for 146 apartments in the former A&P warehouse at 545 Swan Street are expected to get final Planning Board approval later this month. It will be the largest residential conversion project in the city in terms of number of units. Apts at the Lafayette is the runner-up with 115.
KCG’s AP Loft Apartments LP purchased the eight-story warehouse in February for $1.5 million. The building occupies the block bounded by Swan, Hamburg, Myrtle and Jefferson Avenue at the edge of the Larkin District. It is adjacent to Seneca Street Lofts’ 41 units and the 98 recently-opened units in Hydraulic Lofts at 500 Seneca Street.
The $39 million development calls for affordable (earning between 60 and 90 percent of area median income) and market rate apartments, indoor parking on the first floor, 5,800 sq.ft. of commercial space, and fitness and business centers. Carmina Wood Morris is designing the project.
Due to the large floorplates, a center courtyard will be carved into the building. The 146 apartments will include 82 one-bedroom units ranging from 750 to 825 sq.ft. and 64 two-bedroom units with between 900 and 1,150 sq.ft. of living space.
Since the project will be utilizing historic preservation tax credits, the window sizes cannot be changed in order to preserve the spatial relationships that give the property its historic character. Projects such as Historic Warehouse Lofts and AC Lofts have addressed this issue with raised floors in rooms to provide an eye-level view outside while preserving the historic integrity of the building. Eighty percent of the AP Lofts units will have exposure to the courtyard where windows will be much larger. Because the new windows will not be visible from the public right-of-way, there is more flexibility in their design and size.
Work on the project, KCG’s first in New York State, is expected to begin this summer and wrap up in fall 2017.
Get Connected: KCG Development, 317.708.6519