An abandoned hospital building in Alice could soon receive a multi-million dollar facelift.
The City Council recently approved a resolution in favor of Missouri-based, MRE Capital, to renovate the building into low to moderate income housing.
“This kind of just fell in our laps,” says Alice city manager Michael Esparza.
Esparza says this is the perfect solution for a continuous problem.
“It’s been an eyesore for years,” Esparza said.
Since the city has not seen growth in recent years, the cost of renovating the hospital discourages developers.
Esparza says the company will be using Historic and Housing tax credits to fund the project.
“It’s a $9.5 million project,” says Esparza.
The Alice Lofts will consist of 50 units.
“It’s not subsidized housing, not section 8,” says Esparza.
Esparza says the city will wave permitting fees, up to $250. New housing is something Alice has not seen in a while, it will also add to the cities revenue.
“The tax rolls going from $7,000, where it is right now, to at least over a million,” said Esparza. “So it will be a good tax revenue, mainly for the schools.”
