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!
New Update November 2nd, 2016 - The Hotel Grim Lofts project presented at the Council of Development Finance Agencies National Development Finance Summit in New Orleans, Louisiana November 2-4th. The session was titled “Hotel Revitalization in the Heartland” and will feature the Texarkana project along with another historic hotel project in Green Bay, Wisconsin.
Information from CDFA stated “historic hotels in communities are in high demand and they pose a big financing challenge. To make matters worse, these projects often present environmental, property and partnership challenges. But in Texas and Wisconsin, two communities have made significant progress by utilizing the development finance toolbox and creative approaches. Join Texarkana and Green Bay to learn about their approach to rural heartland hotel revitalization.”
The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net or e-mail email@example.com.