Downtown Wichita Falls seeks new apartments
WICHITA FALLS, Texas (KAUZ) – Downtown Wichita Falls is moving closer to building a new apartment complex after the city council approved a phased tax abatement for the oil building.
A tiered tax abatement means that once the project is completed, property taxes will not immediately reach current market value, making the project more attractive to lenders providing the money for the project.
This building was formerly the Crescent Plaza Hotel and now houses the Highlander Public House restaurant. There are 9 floors above the restaurant that have been vacant for about a decade.
“That’s been my goal is to try to help develop downtown,” said Will Kelty, building owner and real estate investor. “It will be a big step in the right direction. Currently, there are about 200 residences in the city center in terms of apartments. This will almost double it. We are talking about 170 residences here.
He says it’s a multi-step process and they’re in the early stages at the moment, but after today’s approval by city council, he’s the closest he’s gotten ever been to bring this project to life.
They have not yet approved the start of the project, but this decision should be made in about 4 to 6 weeks by the city council.
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