4 properties in downtown Tyler set for renovation
TYLER, Texas (KLTV) - A New Orleans based company has purchased four downtown Tyler buildings with plans to rework them into upscale apartments and office space. They have secured building permits for the first project.
Work has begun at the Wilcox Building at 230 South Broadway. NORF Companies Managing Director Cullan Maumus said they specialize in tax-advantage strategies in the southeastern U.S.
“Quickly in our research, we identified Tyler and moved quickly to try to acquire a couple projects within the city,” Maumus said.
NORF purchased four buildings in downtown Tyler.
“So, we acquired the former Carlton Hotel at 106 East Elm Street. We acquired across the street from there, the historic Lindsey and Fair buildings. And, down the street we acquired the Wilcox building at 230 South Broadway,” Maumus said.
Tyler Downtown Specialist Garret Hope said this will be a big boost for downtown revitalization since apartments would be within walking distance of other amenities.
“So, that looks for potential efforts in the future grocery stores. More restaurants, more eateries, more shopping, everything that you want to see in a downtown,” Hope said.
Maumus said the big project at the former Carlton should begin by the end of the year.
“We recently secured a 380 agreement with the city council to move forward and have their support as well,” Maumus said.
He said NORF was founded in 2013 and has about 70 properties in the southeast. They specialize in turning old buildings and historic structures into new, useful spaces. Maumus said it could make a big change in downtown Tyler.
“Both physical infrastructure and actual building development, as well as just what it can do for additional job creation in the area,” Maumus said.
The groundbreaking will take place March 30 at the Wilcox Building. It is scheduled to be complete by March of 2024.
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