LUBBOCK, Texas (KCBD) - A landmark of the Lubbock skyline will be getting an update several years in the making, in an effort to bring more residences to the downtown Lubbock area.
A release from Westmark Commercial/TCN Worldwide’s Alison Blalock states that MRE Capital, based out of Kansas City, and the Austin-based Structure Development will be revitalizing the downtown building with 89 residential housing units ranging from efficiency, one and two bedroom lofts to lease.
“It’s a historic Lubbock monument," said Blalock, "but more than half of the space is uninhabitable. It needs extensive remodeling and MRE Capital is putting in the work to revive it and restore it to full occupancy.”
The NTS Tower was originally constructed in 1955, and at 274 feet, it stands as the tallest structure in Lubbock. The building received damage following the 1970 tornado, and was stabilized and reopened in 1975, but reports by the city fire marshal indicate issues with some floors meeting the fire code for access and fire suppression.
The residences will take up fourteen floors in the middle of the building, with the first three floors dedicated to commercial amenities and server living space, and the roof to continue to be used for communication equipment.
Fourteen of the residences will be leased at market rates, as stated in today’s release, while the remainder will be available at reduced rates to working households.
According to the statement, “The partnership will be using historical tax credits and housing tax credits as part of the financing. Its construction budget is over $20 million. The Texas Department of Housing and Community Affairs awarded MRE Capital tax credits which makes the project financially feasible.”
“Full city support was crucial to making this happen,” said Blalock. Mayor Dan Pope, the city council, state Rep. John Frullo and the Central Business District Tax Increment Board all lent their support, she said in the release.
Construction is expected to begin in the fall of this year and completed by the fourth quarter of 2021.