Bruce Development Co. purchased the Beaumont Telephone Exchange and plans to turn the 103-year-old-building into rental lofts.
The six-story brick building at 2654 Locust is just west of Jefferson Avenue. Preliminary plans call for the rehabilitation of the building into 75 market-rate and affordable rental lofts with ground-floor office space. It will have a mix of studios, one-bedrooms and two-bedrooms with rents ranging between $600 and $900 and units ranging between 500 and 900 square feet. The cost of development is estimated to be $10 million.