SoHo hosts open house in NuLu neighborhood

After changing ownership and being renamed earlier this year, the SoHo Lofts project will host an afternoon open house Oct. 2 to begin welcoming prospective residents in conjunction with the NuLu Festival along the East Market Business District.

The new developers say the newly constructed SoHo Lofts offer affordable and eco-chic condo ownership in a growing and vibrant (and recently gentrified) neighborhood where residents will appreciate leading-edge energy efficiencies such as geothermal heating and cooling, Energy Star-rated appliances.

In 2006, the five-story, 38-unit condo complex project was heralded as a sign of returning downtown residents. Located where the Butchertown and Phoenix Hill neighborhoods meet, it hit financial and legal troubles, and local architect Mark Isaacs was forced to abandon the project.

With the new downtown arena set to open next month, the city has been trying desperately to attract residents back to the area for the past few years. In a one-on-one interview earlier this year, Mayor Jerry Abramson told LEO Weekly he believes the stagnant downtown housing market will pick back up, and that buyers eventually will show a renewed interest in urban condominiums that, as of now, remain largely vacant.

The lowest cost for purchasing one of the SoHo’s pricey downtown lofts starts at $95,000 (one bedroom loft, 450 sq ft) and go up to  $374,000 for 2200 sq ft, which makes the “affordability” line a bit hard to swallow in a lingering recession, even with the innovative energy cost-saving features.

Still, those associated with the project say the units are expected to start being move-in ready before the end of the year and they are hopeful the stagnant housing market will turn around.

“(The) ownership is very approachable for a lot of first-time buyers and anyone seeking an urban lifestyle in an amazing neighborhood,” says Beth Howard, an account executive with NIMBUS, Inc.,  a local ad agency working on the project.