The Texas Department of Housing and Community Affairs voted at their board meeting Thursday and have approved MRE Capital, LLC’s 9 percent Housing Tax Credit (HTC) application for an adaptive re-use multifamily project at the Hilton Hotel, 191 W. Sixth Street.
“This is great news not only for downtown but for all of Plainview. We have been working with the MRE Capital team since June 2015 when Mike Fox of the Plainview EDC invited them to tour the Hilton Hotel, to see if it would be a viable redevelopment opportunity,” said Andrew Freeman, assistant city manager. “This is a great catalyst project to spur economic activity in the downtown area and meets many goals from our comprehensive plan.”
The multifamily project will be known as Conrad Lofts and will offer affordable rental housing. Next steps for MRE Capital include submitting plans to the Texas Historic Commission and the National Park Service for review and consideration of Historic Tax Credits for the project.
Conrad Lofts will have approximately 27 units ranging from one to three bedrooms. Loft space will range from 410 to 1,181 square-feet. Rent will be based on a $25,000-$35,000 income limit based on family size. MRE said they are expecting to invest $7.7 million into the project that will touch every floor of the building. Construction will begin this fall and is expected to be completed by December 2017.
“We are very excited to move forward with our Conrad Lofts project after completing this critical step of our HTC application being approved,” said Daniel Sailler, co-founder of MRE Capital. “Jeffrey Snyder, Andrew Freeman, Mike Fox and many others were instrumental in this process and we appreciate all of their efforts. We look forward to bringing this historic structure back to life, with a project that Plainview can be proud of when it is finished.”