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!
In June 2015, Texarkana was selected as one of four cities nationwide for a site visit from the Council of Development Finance Agencies (CDFA). A Project Response Team comprised of CDFA staff and technical assistance partners provided expert advice and recommended a redevelopment strategy detailed in the report titled Grim Hotel: Roadmap to Redevelopment. The visit was made possible through CDFA’s Brownfields Technical Assistance Program, funded by the U.S. Environmental Protection Agency.
In July 2016, the Grim Lofts, LLC was officially formed by developer Jim Sari and an EPA Brownfields Revolving Loan Fund Application was submitted for cleanup funds.
In November 2016, the Hotel Grim Lofts project team 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 featured the Texarkana project along with another historic hotel project in Green Bay, Wisconsin.
It is estimated that if the project continues progressing that closing will take place in June with construction set to begin by early Fall.