July 12, 2017
The Texarkana, TX City Council has given the final go-ahead to fund the Grim. The Hotel Grim, that is. The council voted to approve more than $2 million in loans to Jim Sari, developer of the project at 211 W. 3rd St. The redevelopment project transformation from a vacant, early 20th-century hotel into 98 affordable apartments will cost approximately $20 million. The affordability aspect means the project is also eligible for tax credits and additional financing through state-issued bonds.
The sale of the hotel to Sari is expected to close by the end of 2017, with construction beginning in early 2018.
Sari also has plans to convert the former Sears store at 301 Pine St. into 20 to 25 market-rate apartments. Also on Sari’s plate is the Harrell Building at 317 N. State Line Ave., which he plans to convert into office space.
For comments, questions or concerns, please contact Amy Sorter