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February 13, 2007 Antares Real Estate, which plans to redevelop the 20-acre Yale & Towne site into a neighborhood of condominiums and a big-box retail complex, is negotiating to buy a building nearby and lease space there to members of the Loft Artists' Association, Antares managing partner James Cabrera said. The artists rent studio space in a six-story factory building on Henry Street, on the south side of the factory complex. Cabrera would not identify the building Antares is negotiating to buy, citing a confidentiality agreement with the seller, but said he likely will announce it by next month. "This is a win-win for their development," Loft Artists Association President Shelly Denning said. A thriving arts community would help market the 4,000 condominiums and apartments Antares plans to build during the next decade, Denning said. The artists have not seen the building or negotiated lease terms because Antares hasn't closed on the sale yet, Denning said. "We're going on faith right now," she said, adding that Antares has been straightforward since it bought the Yale & Towne property. The relocation could preserve one of the city's cultural anchors, although some artists already have taken studio space elsewhere because of the uncertainty over their future in the South End. "We've had people move to Norwalk, move to Bridgeport, because they just can't hold out any longer," Denning said. Artists were told in December that they would have to leave the Yale & Towne building by June. Antares told tenants when it bought the property that it would evict them as it prepared to demolish or renovate buildings in the complex. The factory building that houses the artists now is slated to become high-end loft condominiums, but Antares has said it might raze the building if renovation proves too expensive. If the deal goes through, Antares plans to offer the artists a five-year lease in a larger building that it hopes to market to commercial tenants in later phases of its plan to redevelop former industrial sites in the South End, Cabrera and Denning said. Cabrera said the company is looking to break even on the lease, which would cost about $15 per square foot, though he is open to the possibility of subsidizing part of it. The artists are hoping for a price closer to $12, Denning said. "If they're willing to pay $12, that's a decision we'll have to make," Cabrera said. Once Antares puts something on the table, artists will evaluate whether they can afford it, Denning said. "They're going to have their bottom line," she said. The lease could allow Antares to keep the building occupied while it works on early phases of the development, and give the loft artists more stability. "We've always gone year to year, day to day," Denning said. But it could be a temporary move if Antares decides to rent the space to other tenants after the lease ends. The real estate company, which owns more than 80 acres of former industrial land in the South End and is negotiating to buy more, plans to build 4,000 units of housing, 400,000 square feet of retail, at least one hotel and office space during the next decade.
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