TEMPLE, Texas (KWTX) The Temple City Council has voted to boost Strategic Investment Zone (SIZ) grant funding for development of downtown properties at 101 and 112 South 1st Street.
Each property is eligible to receive as much as $115,000 in matching grant funds.
The owner and developer, H5B3, LLC, plans to renovate the properties and construct a pizza restaurant, tap room, deli and coffee house concept with outdoor dining and entertainment, the city said.
“Temple’s downtown area is located in one of the SIZ corridors and allows property owners in the area who meet certain criteria to apply for matching grant funds in real property investments,” said Temple’s Director of Planning Brian Chandler.
“We are excited to see the revitalization of our downtown historic business district and look forward to the renovation of these two properties, in particular.”
In December the council approved a $6 million economic development agreement between the city, Temple Historic Arcadia Theatre, Inc., and Turner Behringer Development Company for the redevelopment of the Hawn Hotel, Arcadia Theater, and the Sears building properties.
The new plan came after a failed agreement with a previous developer last year.
Those plans were scrapped after the developer failed to meet timelines in the agreement, officials said.
The Hawn Hotel has stood empty since the 70s.
The council also approved a tax abatement agreement for the Hawn and Arcadia properties that will phase in the property tax revenue associated with the redevelopment over a 10-year period.
Construction of the project is slated for 2019 with completion in three years. Phase Two of the project, which involves the Sears building, will start after.