Prattville gin shop loft apartments construction project is full speed ahead as financing closes
PRATTVILLE — The seven-year effort to preserve Prattville's iconic downtown landmark — the gin shop — passed the final hurdle Friday.
Financing closed on the $37 million project, which will build 127 loft-style apartments in the five historic masonry structures on the site, confirmed Kea Calame, senior vice-president of asset management for Envolve Communities.
"We just want to thank everyone for their support, the City of Prattville and HPRA, for staying with us this whole time," she said. "We were dedicated from the beginning to see this project come to this conclusion."
The Historic Prattville Redevelopment Authority bought the sprawling site during as mortgage foreclosure sale on the grounds of the Autauga County Courthouse for $1.7 million on Dec. 18, 2014.
Lofts: Luxury lofts closer to reality as 1st phase of Prattville 'Gin Shop' renovation nears end
The preservation group began to market the property almost immediately. Daniel Pratt founded the city that bears his name in 1839. He founded his industrial empire along the fall line of Autauga Creek with a mill making cotton gins.. He also added a cotton spinning plant, lumberyard, foundry and other industries on the site.
Christmas came early to Prattville this year, said Mayor Bill Gillespie Jr.
"Our history is so, so very important," he said. "Daniel Pratt not only had a huge impact on Prattville, his efforts had a huge impact on the state as well.. Those buildings are the reason Prattville is here."
Pratt was a New England Yankee and his town reflects his heritage. Most Southern towns founded in the early 19th Century were built around the courthouse square concept. Pratt made the industrial area the centerpiece of Prattville.
Envolve, formerly LEDIC Realty, originally planned on building about 150 apartments on the property. The lower number reflects design changes, Calame said.
"No where else has buildings like these," she said.
Generations of the same families worked at the gin shop when Prattville was a sleepy, little farm town.
"I'm so happy it's going to happen," said Fran Little, of Prattville. Her grandfather and two uncles on her mother's side worked at the gin shop.
Work has been ongoing for the past year to build a new levy to protect the site and stabilize the buildings.
"It looked like it was going to happen with everything going on down there," Little said. "But until the deal is signed, there was always that chance it would fall through."
Contact Montgomery Advertiser reporter Marty Roney at mroney@gannett.com.
This article originally appeared on Montgomery Advertiser: Prattville's gin shop loft apartments project gets financed
