Tyler City Council approves incentive plan to rehabilitate Carlton Hotel
TYLER, Texas (KLTV) - The Tyler City Council has voted to approve an economic development incentive agreement with NORF Development for rehabilitation of the vacant former Carlton Hotel in downtown Tyler.
NORF plans to restore the vacant 15-story, 115,000-square-foot building into mixed-use, multi-family housing with more than 100 residential units. It will also have commercial space, a rooftop pool, and a cabana.
As part of the agreement, the city would reimburse NORF $1.5 million upon completion of the building. Completion means either a certificate of occupancy or a temporary certificate of occupancy.
Another incentive piece would be the city would reimburse NORF up to $200,000 in building permit fees.
NORF is looking to invest around $30 million into the property. This would be a historic tax credit property, so they are looking at federal historic funds as well.
The requirement in the agreement is that the units would be offered at market rate or above to make sure that the investment is protected for the city.
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