The development team for the Hotel Grim Lofts announced a new co-developer has been added to the project alongside Sari & Company.
Cohen-Esrey headquartered in Overland Park, Kansas will serve as the predevelopment and design coordination authority, master subcontractor throughout construction, and long-term property management team.
Cohen-Esrey’s roots in real estate go back to 1969. Since that time, they have been dedicated to enhancing the communities through the acquisition, development, and management of multi-family properties throughout the nation. Their multi-family portfolio over the past four plus decades totals more than 65,000 units in more than 525 properties.
“We are pleased to have Cohen-Esrey onboard,” said Jim Sari. “They bring a wealth of construction and management experience to our team.”
The project includes restoration and redevelopment of the historic Hotel Grim built in 1925 originally as an eight-story hotel. The building contains 103,200 square feet and when built, was the second tallest structure in Texarkana. The iconic building is strategically located on State Line Avenue on the Texas and Arkansas border. The proposed project will preserve the historic elements of the building while completely updating the property.
The goal is to redevelop the hotel with commercial space on the first level and residential apartment units throughout the remaining floors. The financing plan is to use 108 funds from HUD along with federal and state historic credits, an EPA cleanup loan, conventional debt, and any other eligible sources.
The development team will be in town July 9th to update the City Council on the redevelopment plans and anticipates closing the deal in late 2018.