LUBBOCK, Texas (KCBD) - Developer Housing Trust Group, with support of the City, is applying for a 9-percent state tax credit to re-purpose the Jim Kimmel Center into affordable housing.
It used to be the “In Town Inn,” a hotel built in downtown Lubbock in 1964.
The new housing center, “Inn Town Lofts,” will have 56 efficiency units with 1, 2 and 3-bedroom options offering reduced rent to qualified tenants.
Val DeLeon, with HTG, says the building will retain some of its mid-century, modern style.
“It’s important to us, it’s important to our CEO Matthew Rieger, that we are able to provide, you know, housing for people who are working and just want a good place to raise a family, have kids, and there’s no better place than downtown Lubbock,” DeLeon said.
It will add more units, community amenities and retail space in a new building designed as a “tip of the hat” to the existing one.
HTG will submit its tax credit application to the state this week and hear back in July.
If it receives the award, DeLeon says it hopes to be closed on financing by the first quarter of next year and have residents moving in by the middle of 2023.
“We could see that there was revitalization that was already happening and so it was a really easy decision to try to kind of help shepherd along that process,” DeLeon said.
Mont McClendon is with the City’s downtown master redeveloper.
He says in the downtown revitalization plan, there’s an initial focus on Broadway, and then it moves out toward the Art District and the Depot District.
“And this project sits right near that nexus of energy and focus. One of the benefits of this project is it encompasses the full city block,” McClendon added.
He’s expecting more walkability, sidewalk dining and more interest in living downtown over the next few years.
He says developers are beginning to focus on larger and mid-size employers finding space in the area.
“Where I think we are is there’s definitely momentum, downhill momentum, meaning we’re picking up speed. The critical mass of projects are already on the books,” McClendon said.
McClendon says to be on the lookout for updates from the City, to give feedback on proposed green spaces and to weigh in on the Unified Development Code.