Minneapolis developer announces $ 16 million workforce housing project in Bentonville
based in minnesota Art space projects, a nonprofit real estate developer and manager, on Wednesday (July 14th) announced a $ 16 million workforce housing development for an approximately one acre site near the Momentary tourist attraction in Bentonville.
The 50-unit mixed-use development is called SOMO Artspace Lofts and will include housing for artists and other creatives.
SOMO stands for ‘South of the Momentary’, as the project sits directly south of the Contemporary Art Space which opened in February 2020 as a satellite of the Crystal Bridges Museum of American Art.
Artspace will enter into a long-term ground lease with Crystal Bridges, which owns the land, and will own the development fully upon completion. Construction is scheduled to begin in March 2022.
“The SOMO Artspace Lofts will build on the community’s efforts to support the creative workforce of Northwest Arkansas by providing access to affordable spaces to live and create art,” said Greg Handberg, senior vice president of properties at Artspace, said in a press release.
SOMO Artspace Lofts is a four story, 55,746 square foot development. According to a press release, the 50 living / working lofts will be affordable for residents earning between 30% and 60% of the region’s median income.
“We are delighted to welcome Artspace to Bentonville and look forward to any future collaborations and opportunities this may bring to the Momentary campus,” said Lieven Bertels, Director of Momentary. “Having creatives living nearby will give a big and energizing boost to downtown livability, and we hope the residents of SOMO Artspace Lofts will be frequent guests at Momentary, seeing us as a gathering place to connect with. our community, work, find inspiration and relax.
According to the release, the building will include a mix of studios, one, two and three bedroom units ranging from 439 to 1,083 square feet. The design includes a 950 square foot residential gallery space, on-site laundry room, and a shared balcony on each floor. Residential units will feature open floor plans with large windows and energy efficient fixtures and fixtures.
Artspace officials said planned sources of funding for the project include philanthropy, a first mortgage, equity raised through the sale of low-income housing tax credits and resources. affordable housing finance, including federal HOME funds and national housing trust funds.
In 2018, Artspace interviewed artists from Bentonville as part of a regional survey study funded by the Walton Family Foundation assess the need for affordable commercial space and accessible workforce housing for creatives. For a PDF of the 37-page study, Click here.