TEXARKANA, Texas - Abatement of asbestos and other dangerous materials from the Hotel Grim began in November, marking the beginning of the iconic downtown building's long-anticipated rehabilitation.
After more than a decade of effort, the city and developers secured the multilayered, $26 million financing package that will pay for renovating the Grim in October. The transaction included both housing and historic tax credits, EPA funds, a Neighborhood Stabilization Program loan, conventional debt and local contributions from the city.
"With over half a dozen financial sources, the Grim might take the cake as the most layered and complex pairing of historic and housing tax credits in the state's history. But more importantly, we know it will soon be highlighted nationally as a gem of both historic preservation and downtown revitalization," said Jay Johnson, development director for general contractor Cohen-Esrey.
"We are excited that we've officially crossed the finish line," he said.
The project is expected to be completed in the spring of 2021. Plans are to convert the building into 93 studio, one- and two-bedroom apartments. All apartment units in the Hotel Grim will be affordable-rate housing because the project is partially funded by the federal Low-Income Housing Tax Credit program. That means tenants can have a household income of no more than 60% of the local median. Rental rates have not been determined.
Cohen-Esrey has launched a website, HotelGrimApartments.com, aimed at potential future tenants of the building. It features floor plans and descriptions of the hotel's planned amenities.
Named after Texarkana banking, railroad and timber magnate William Rhoads Grim, the hotel opened in 1925. Construction cost for the luxurious 250-room hotel was nearly $1 million. It closed in 1990.