Although an Artspace project is often the first step in a community’s plan to create an arts district, Memphis presents a different challenge: to help achieve a new level of vibrancy for an existing arts district, located near the birth place of Blues, R&B, and Rock & Roll. In partnership with the City of Memphis and the Hyde Family Foundations, Artspace transformed a historic, three-story warehouse and adjacent parking lot into a mixed-use arts facility with 63 affordable live/work units for artists and their families, as well as a community gallery space and outdoor arts garden. The South Main Artspace Lofts is part of roughly $200 million in investments to the South Main district including renovations to the National Civil Rights Museum, the Orpheum Theatre, and the Main Street to Main Street Multi-Modal Connector Project.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
South Main Artspace Loft is managed by Artspace.