PHOENIX — The Artspace Lofts in Mesa, a mixed-use space designed for artists to live together paying below-market rent, has been granted low-income housing tax credits that were needed to help fund its construction.
The $15.8 million project, located on Hibbert Street by Mesa’s Art Center, will have up to 50 units available for artists and their families. There will also be commercial and public space for nonprofit partners and events.
Artspace, a nonprofit organization that creates low-cost living/work spaces for artists, has been working with the city on the project since 2012.
“We are thrilled that Artspace has been awarded its LIHTC funding,” Mesa Mayor John Giles said in a press release.
“I’m excited to see development get started on what will be an amazing asset to Mesa
and our downtown,” he said.
The nonprofit real estate company has created similar spaces in 30 other communities, including Washington D.C., Seattle, Chicago, San Francisco and the company’s home state of Minnesota.
The Mesa project is Artspace’s first in Arizona and first to receive tax credits.
The organization said that construction should begin by the end of the year and the Arizona Republic reported that the complex should open in late 2017 or early 2018.