The Blanche redevelopment plan includes storefront retail, restaurants, office space, residential lofts, and community & event space. Once completed, the renovation of the historic Hotel Blanche will bring new life into the downtown area and The Blanche will reestablish its status as the epicenter for downtown Lake City.
The total project cost is approximately $15 million. Conventional loans will cover $5.8 Million, $4.5 Million of equity from New Market Tax Credits, $2.2 Million of Equity from Federal Historic Tax Credits, $1.5 Million of Equity from IDP Housing and a $1 Million Grant from Lake City. (Amounts are approximate and subject to change)
For more information on the City of Lake City’s Downtown Redevelopment Plan, view link.
- Community & Event Space
(Available Office/ Restaurant/ Retail Spaces Range from 553 sf – 3,580 sf)
- 27 One Bedroom / One Bathroom Units
- 7 Two Bedroom / Two Bathrooms Units
(Available Residential Units Range from 575 sf – 983 sf)
Check back soon to see the future at The Blanche, Floor Plans and Renderings Coming Soon!
MEET THE DEVELOPERS
From concept through construction, IDP Housing will manage each step of The Blanche process to deliver a high-quality multi-use facility to the community and Downtown Lake City. Rhett J. Holmes, owner and president of IDP Housing, along with eight other team members, have a combined experience of over 50 years of real estate experience in finance, development, construction, ownership, and management. This team combined has completed over $1 billion in projects and has extensive knowledge of multi-family, single family, senior housing, tax credit housing, high rise housing, Historic adaptive-reuse and other commercial real estate and land development.