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The Honeyman Hardware Lofts in the Pearl District are getting a makeover.

Seattle-based Security Properties is performing a substantial upgrade of the nationally registered historic property on the block bound by Northwest Hoyt and Glisan streets, and Ninth and Park avenues. The building is expected to compete with the neighborhood’s Class A properties.

“This will rent in line with the higher end of the Pearl District,” said Jeanne Muir, the owner of Urban Relations and a spokeswoman for Security Properties. “They’re already leased (up) two months out.”

Five years ago, Security Properties proposed constructing a nine-story, retail and residential building on the block’s northeast corner. It would have replaced an existing one-story brick building constructed as a horse stable in 1903. The concept proceeded through design review, but died during the economic recession.

Now the focus is on restoration of the 101-year-old, seven-story building (a former warehouse for the Honeyman Hardware Co.) on the block’s northwest corner. S.D. Deacon recently erected scaffolding to replace the existing single-paned windows with high-performance, energy efficient ones.

Work to refresh the entire property’s interior, however, started a year ago. That project involves exposing original brick and concrete surfaces, upgrading lighting, redesigning a rooftop deck space, and creating a new lobby/leasing office that leads to the North Park Blocks. The property, which was built in phases over several decades, has never had a cohesive gathering place.

“It’s new space that really hasn’t existed for this building in its life as apartments,” Muir said.

The Honeyman Hardware Lofts’ new entrance will be directly across from the 511 Building, where the Pacific Northwest College of Art plans to move its headquarters. With that in mind, Security is creating several live-work units to try and cater to artistic professionals.

Muir declined to specify the project’s budget, but said Security Properties generally purchases buildings, makes upgrades and then holds. The company bought the Honeyman block in 2006 for $11 million.

Marcus Koch of Koch Architecture, and Patricia Gardner of A57 are working together on the interior design; R&H Construction is performing the interior construction. Western Architectural is handling the design for the exterior renovation.

The exterior won’t change much in appearance, but Koch said the interior will gain a cleaner, industrial look evocative of its lofts. Gardner said local metal artist Mike Suri will create several art installments.

“(It’s) basically just making every place in the inside 10 times better,” she said.