HomeMy WebLinkAbout16July28_MRECapitalReceivesHousingTaxCreditsForHiltonHotel
City of PlainviewNEWS
901 Broadway St.
Plainview, TX 79072
July 28, 2016
Contact:Andrew Freeman, Assistant City Manager
806-296-1127afreeman@plainviewtx.org
MRE Capitalreceives 9% Housing Tax Creditsfrom TDHCAto
redevelop Hilton Hotel in Downtown Plainview
The Texas Department of Housing and Community Affairsvoted at their board meeting
today andhave approved MRE Capital,LLC’s9% Housing Tax Credit(HTC)application
for anadaptive re-usemultifamilyproject at the Hilton Hotel, located at 191 W. Sixth
Street.
“This is great news not only for downtown but for
all of Plainview. We have been working with the
MRE Capital team since June 2015 when Mike
Fox of the Plainview EDC invited them to tour
the Hilton Hotel,to see if it would be a viable
redevelopment opportunity,” saidAndrew
Freeman, Assistant City Manager. “This is a
great catalyst projectto spur economic activity in
the downtown areaand meets many goals from
our comprehensive plan.”
The multifamily project will be known as Conrad Lofts and will offer affordable rental
housing.Next steps for MRE Capital include submitting plans to the Texas Historic
Commission and the National Park Service for review and consideration of Historic Tax
Credits for the project.
Conrad Lofts will have approximately 27 units ranging from one to three bedrooms. Loft
space will range from 410to 1,181 square feet. Rent will be based on a $25,000-
$35,000 income limit based on family size. MRE said they are expecting to invest $7.7
million into the project that will touch every floor of the building.Construction will begin
this fall and is expected to be completed by December 2017.
“We are very excited to move forward with our Conrad Lofts project after completing this
critical step of our HTC application being approved,” said Daniel Sailler,co-founder of
MRE Capital. “Jeffrey Snyder, Andrew Freeman, Mike Fox and many others were
instrumental in this process and we appreciate all of their efforts.We look forward to
bringing this historic structure back to life, with a project that Plainview can be proud of
when it is finished.”
MRE Capital,LLC, based in Kansas City, Missouri, is a firm that develops, invests, and
consults in business and real estate transactions through full ownership, joint venture,
and consulting opportunities. For more information, please visit www.mrecapital.com.
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