Without the availability of large, empty buildings to convert into lofts, most of the lofts offered downtown will have to be through new construction.
That gives your project proposal a little more "fire" to get off the ground, thoraudio.
Also, most of the new residences will come from the development of the East Bank, as Gail Alsobrook (former head of Montgomery Riverfront Development Foundation) told me in late 2003, was at least four or five years away.
I saw on the news Saturday the mayor saying that plans for more lofts were going to be annouced soon and that the land across the river from the East Bank and Union Station was going to be converted into what he called a major gateway park; which would be the best use since it's mostly in a flood plain.
Earlier, the city and state were talking about turning the land into a state park but I don't know if that is still part of the plan or not.