Dave Olson, Published August 08 2013
Upscale Fargo apartments to offer downtown views
That’s what Kelly Zander and Patrick Vesey will soon be offering at 23 Broadway in downtown Fargo.
The business partners, who deal in commercial real estate, purchased a four-story office building at 23 Broadway about four years ago.
It soon dawned on them that the building held potential beyond office space, and they decided to convert the top three floors to housing.
“The downtown office market is just softer than we expected, whereas the housing market down here is anything but soft. It’s very strong,” Zander said.
The top three floors of the building have been cleared to the cinderblock walls and bare ceilings laced with steel girders.
Soon, the space will fill with apartment units: three-bedroom units on the west end of each floor and the rest of the space devoted to one-bedroom units, for a total of 18 units in all.
Zander described the apartments as upscale, with open floor plans and 13-foot ceilings.
Oh, and they’ll have smashing views.
“Looking down Broadway and then looking down NP Avenue, it’s pretty cool,” Zander said. “I think it’s the closest thing you can get to Minneapolis.”
Vesey said final designs are still being worked on, but he said they hope to work balconies and sliding glass doors into the plan.
He said the project’s builder, Enclave Companies, of Fargo, did a market study to help guide the planning and get a feel for what potential renters are looking for.
“We feel there’s a demand for downtown units with an upscale feel,” Vesey said.
In 2012, the project was approved as a Renaissance Zone development and it was granted a five-year property tax abatement from the city valued at about $70,000.
Molly Krivarchka, leasing agent for what is being called Lofts23, said one-bedroom units will rent for $1,000 to $1,100 a month and the three-bedroom apartments will be priced at $2,000 to $2,200 a month.
Parking is on the street, but there will be underground parking available in a structure to the east of the building.
Krivarchka said they are now accepting calls from people interested in renting a unit. The number to call is (701) 630-0309.
Readers can reach Forum reporter
Dave Olson at (701) 241-5555