January 31, 2017
Texarkana, TX received approval from the U.S. Department of Housing and Urban Development (HUD) for the mixed-use, historic residential project, Hotel Grim Lofts. The 108 funds, in the amount of $1.4 million, will be used with additional federal and state historic credits, an EPA cleanup loan and conventional debt to turn the Hotel Grim on State Line Avenue into a 92-unit residence with ground-level commercial space. The development calls for market-rate apartments, with approximately 20 units set aside as affordable.
Hotel Grim delivered in 1925 as an eight-story hotel, which was, at the time, the second-tallest structure in Texarkana. Redevelopment of the building has been in the works for several years, with developer Jim Sari leading the charge. Assuming financing and other factors for the project proceed as planned, construction could begin in fall.
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