The project includes restoration and redevelopment of the historic Hotel Grim built in 1925 originally as an eight-story hotel. The building contains 103,200 square feet and when built, was the second tallest structure in Texarkana. The iconic building is strategically located on State Line Avenue on the Texas and Arkansas border. The proposed project will preserve the historic elements of the building while completely updating the property.
The goal is to redevelop the hotel with 92 housing units and commercial space on the first level. The financing plan is to use 108 funds from HUD along with federal and state historic credits, an EPA cleanup loan, conventional debt, and any other eligible sources. The proposal is for market apartments for the majority of the development with a few apartments set aside for affordable family and senior housing.
Check this page for future updates regarding the Hotel Grim Development!
Council of Development Finance Agencies Visit & Report June 2015 Roadmap to Redevelopment Report Listed below
New Update July 13th, 2016 - The Grim Lofts, LLC was officially formed today by developer Jim Sari and an EPA Brownfields Revolving Loan Fund Application was submitted for cleanup funds.
New Update July 7th, 2016 - The Hotel Grim Lofts Section 108 application review was completed by the Fort Worth HUD office today and forwarded to HUD Headquarters in Washington. Although final approval is still to come, this action represents a significant milestone for the overall project.