Investing in Galveston’s Historic Strand District
The ITEX Group is bringing historic preservation to the Jean Lafitte Hotel. Last month, government, community and business leaders gathered to celebrate the commencement of a new project in Galveston’s Stand Historic District. The ITEX Group has begun a privately funded major historic preservation and renovation project to transform the ten-story Jean Lafitte Hotel at 2101 Church Street (originally constructed in 1927) into apartments and commercial space. The hotel has been vacant for several years and sustained significant damage during Hurricane Ike.
Galveston Mayor Joe Jaworski congratulated The ITEX Group by saying: “I know that you have worked very hard for more than two years to purchase the property, architecturally design this wonderful project to meet the renovation standards required for historic buildings and put together the necessary financing. This project will help bring people back to revitalize our downtown as we work to attract private investment and new attractions in the Strand Historic District.”
When construction is completed in approximately 12 months, 2101 Church Street Apartments will have 83 one and two-bedroom apartments. The modern loft design incorporates hardwood flooring, granite countertops, solid wood cabinets and ceramic tile. The structure will be eco-friendly with Energy Star rated appliances. We have worked closely on the design with the Galveston Historical Society to maintain the historic look and feel of the building. However, we have a few external amenities including a resort-style courtyard, pool and spa which the pirate Jean Lafitte didn’t have on his island.
The architectural design and engineering plans for 2101 Church Street Apartments were developed by Sigma Engineers. Financing includes a CDBG Disaster Recovery loan, FHA insured loan from Davis Penn, equity from the sale of historic tax credits and equity from The ITEX Group. As a condition of the financing, ITEX has agreed to lease 43 of the 83 units to persons earning 80 percent of the area median income [currently $52,800].