The development team for the Hotel Grim Lofts announced plans to purchase additional properties for redevelopment in downtown Texarkana. The new properties will add additional market rate apartment units and office space. The plan includes purchasing property at 301 Pine St that will include approximately 20 market rate residential apartments and purchasing property at 317 North State Line Avenue for conversion to renovated office space.
Based on a recently completed market study and additional environmental costs, the Hotel Grim will convert to primarily affordable family units with commercial space on the ground floor. The plan will include approximately 98 residential apartments with efficiency, one bedroom and two bedroom units available.
The overall project cost is estimated at $20 million with $12-$13 million in construction costs. The overall project will add 118 residential units in downtown Texarkana, and will include over 12,000 square feet in new retail and office space. The development team is currently completing the architectural design along with the environmental plans, and anticipates closing the deal in Fall 2017.
For more information on this and other downtown Texarkana projects, please visit http://tx-texarkana.civicplus.com/479/Hotel-Grim-Redevelopment.