Hotel Grim's $20M redoHotel Grim's $20M redohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171942017-07-26T05:00:00Z2017-07-26T22:00:00Z

​​​​​TEXARKANA, TEX. – The Texarkana, Texas City Council has given the final go-ahead to fund the Grim. 

The Hotel Grim, that is.

The council voted to approve more than $2 million in loans to Jim Sari, developer of the project at 211 W. 3rd St.

The redevelopment project transformation from a vacant, early 20th-century hotel into 98 affordable apartments will cost approximately $20 million with $12 million–$13 million in construction costs. 

Hotel Grim located in TexarkanaThe sale of the hotel to Sari is expected to close by the end 2017, with construction beginning in early 2018.

The overall project will add over 12,000 sf in new retail and office space. 

According to the development team, the overall economic boost of these developments will exceed $30 million for local hotels, restaurants, supply houses, and taxes. 

The Grim's redevelopment will be the most significant private investment in downtown Texarkana in years.

Check out the Texarkana Gazette for more of this story.

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