Be Part of The Strand Artists Lofts

A rendering of the Strand Artist Lofts

Artist Information Meeting - Saturday, September 6, 2008

The Strand Artists Lofts is a new affordable artists’ condominium development planned for Chicago's South Side. The Strand Artists Lofts will offer 36 live/work condominiums subsidized by the Chicago Department of Housing for qualified buyers. Find out more about this extraordinary opportunity

The Hotel Strand was one of the South Side's premier commercial and entertainment venues during the roaring 1920’s. Located just steps away from the CTA 63rd Street Green Line station (and Cottage Grove Avenue bus line), the development is on the same block as The Grand Ballroom, an immaculately restored 1923 jazz venue, and is just a few blocks south of the planned Logan Center for the Creative and Performing Arts at the University of Chicago.

The Strand Artists Lofts will offer 36 homes, ranging from 960 to 1060 square feet. The Strand Artists Lofts also offers prime ground floor commercial space of approximately 8,000 square feet, which can be subdivided and used for multiple retail purposes.

The Strand Artists Lofts will house a thriving artists’ community under one roof, adding to Chicago’s cultural and economic vitality.

Artist Information Meetings will be held on Saturday September 6, 2008 at 11:00 am at the The Grand Ballroom located at 6351 S. Cottage Grove Ave. (1/2 block from The Strand). Fiind out more by calling (773) 784-7900 or by emailing: noelia.vega@ameritech.net
Click here for the Strand Artist Lofts website

Design and Details -- The historic Strand Hotel features many unique architectural details and has been approved as a potential candidate for the National Register of Historic Places. The condominium complex will complement the building’s historic architecture with a host of contemporary amenities, including:

• Intercom system

• Hardwood floor

• Large sliding windows

• Oversized balconies

• Secure on-site parking

• Marble stairs

• Wide doorways and halls

• Elevator

• Multi-purpose room

• Individual storage spaces

• Roof Access

• On-site laundry facility

Prices and How to Qualify -- Condominiums at The Strand Artists Lofts are affordably priced at $208,888, with subsidies available of up to $53,000 per qualified buyer(s), reducing the price to as low as $155,000. Subsides are made possible by the Chicago Department of Housing's New Homes for Chicago program.

In addition, if The Strand Artists Lofts is successfully nominated for landmark status to the National Registrar of Historic Places, buyers will pay no real estate taxes for their first eight years of ownership.

About the Developer: Andres Schcolnik has been rehabbing properties on Chicago's South side for over 10 years. His restoration of the historic Grand Ballroom and numerous 3 and 6-flats have been significant contributions to the Woodlawn community. He is a member of Preservation Chicago.

Artist Preference / What are Artist Interviews?

All interested parties are encouraged to apply to the Strand Artist Lofts. In an effort to build an artist community, preference will be given to applicants who demonstrate active pursuit and commitment to their art practice through a body or work and experience or training, and who can show they will benefit from, and contribute to, an artistic community. A brief interview will be scheduled with an impartial panel of arts and community representatives. Artists will be asked to present work samples, resume, reviews or other materials.

What is an artist? An artist is defined as someone who regularly engages in the creation of the fine arts. This does not mean that the art created generates the artist’s income, nor does it require that the creation of art occupies the greatest portion of such person’s day. An art form includes but is not limited to: painting, drawing, sculpture, choreography, music composition, dramatic art, film, video, digital or graphic art, glass, ceramic, textile, woodworking, photography, custom-made jewelry or apparel, and other visual performance and sound arts and/or crafts.

Income Eligibility Household Income eligibility is determined by income tax reports and current paystubs . And, up to three years of tax returns and current Profit and Loss statements can be used to determine average annual income for self-employed individuals. You will be evaluated by both your mortgage lender and the DOH.

Workshops Buyers participating in New Homes for Chicago must attend Home Buyer Certification Workshops (6-8 hours) and a Condominium Training Session.

The Strand Artists Lofts will be a condominium association, and its bylaws will be formed by the developer and maintained by its members. It is the hope of the developer and the city that it remains an artist-centered development, but that is up to the consensus of the owners. Contact the Chicago Department of Cultural Affairs for more information on sustaining artist developments.

ADDITIONAL INFORMATION

Purchasing a condominium is a big step for most people, but the chance to build equity and be part of a larger arts community is a valuable opportunity. You can learn more about the stages and considerations of homeownership by reading Square Feet Chicago: The Artists Guide to Buying and Leasing Space on CAR.