The Hub City Lofts is a project comprised of two of the most historically significant buildings in Downtown Hattiesburg, the Ross Building (207 East Front Street) and the Faulkner Building (501 Main Street). A regional lender engaged The McEnery Company to provide an AS IS and Prospective Market Value study of both properties “as proposed” and “as stabilized” for conversion to a complex that would consist of a total of 55 apartment units and 14,182 square feet of ground floor commercial space. The development incorporated two historic properties with a total of gross building area of 69,900 square feet. The project, which was buoyed by New Market, Historic and Low Income Tax Credits, had a total re-development budget, including acquisition, of $12,557,521 or $179.65 per square foot. In addition to typically applied market sales, rental and occupancy data collection and analysis, our Scope of Work also included the evaluation of the impact on value associated with rent restrictions scheduled for units to be set aside from interim use as low income units.
