TEMPLE (September 19, 2013)—The Temple City Council voted Thursday to authorize a letter of intent between the city, Temple Historic Arcadia Theatre, Inc., and Criterion Management Group, LLC for redevelopment of the downtown Hawn Hotel and Arcadia Theatre.
The non-binding agreement gives the developers eight months in which to secure financing and finalize design work.
Criterion’s initial proposal calls for building out the upper floors of the main hotel building as condominium units and the first floor as retail space.
It also calls for developing the theater as a performing arts venue that’s integrated into the condo and retail space.
If that proves not to be viable, the theater could be used for an extension of retail or restaurant space and commons areas for residents and the public.
After eight months, a binding agreement could be drafted by which the city and Arcadia group would convey the properties to Criterion for $1.
The developer would agree to maintain the historical integrity and appearance of the exteriors of the main buildings.
“The Hawn is not only a historic building, but also an anchor for our downtown,” Temple Mayor Danny Dunn said.
“This could be a game changer in the revitalization of downtown Temple and has great potential. I look forward to seeing the plans in the coming months.”