FOR IMMEDIATE RELEASE
TEMPLE, TX – (December 6, 2018) At its December 6 meeting, the Temple City Council approved an economic development agreement between the City, Temple Historic Arcadia Theatre, Inc., and Turner Behringer Development Company (“TB”) for the redevelopment of the Hawn Hotel, Arcadia Theater, and the Sears Building properties in downtown Temple.
This project will redevelop approximately 85,000 square feet of historic buildings in downtown Temple into mixed-use residential and retail space. The first phase of the project includes the Hawn Hotel and Arcadia Theatre and will include approximately 40-50 for-lease residential units as well as retail and restaurant space. The Arcadia Theatre will be redeveloped into a multi-purpose events and performance hall. The second phase of the project includes the Sears Building and will include retail, office, and/or residential units.
As part of the agreement, the City will convey the Hawn Hotel, Sears building, and a city-owned parking lot located at 119 E Adams Avenue to TB, provide reimbursement funding in an estimated amount of $300,000 for eligible expenses related to the abatement of all asbestos and lead in the Hawn, Arcadia, and Sears buildings, provide reimbursement funding, in an amount not to exceed $250,000, for costs incurred for façade improvements, signage, demolition, and design work, lease to TB a portion of a city-owned parking lot east of North 4th Street and North of East Central Avenue, ensure that adequate wastewater service is available for the uses of the three properties, and design and construct certain public improvements, such as intersection enhancements, landscaping, signage, and dry utility relocations around the properties in an amount not to exceed $1,600,000.
The Arcadia Theatre, Inc will convey the Arcadia Theatre property to TB.
TB will make significant investment to renovate the properties for residential, retail, and entertainment uses.
“More so than ever before, a community’s development and economic activity are dependent on the vibrancy of its downtown and how it shapes the culture and character of the city. The Hawn and Arcadia redevelopment, centered as it is in the heart of downtown, should be a cultural landmark, and this project represents a notable step in creating space for people to come downtown and enjoy what the city has to offer”, states Shane Turner, partner in TB. He continues, “This project has the potential to not only add new residential and retail space, but to give the city an identity that will attract people to work, spend time, and live downtown.”
“The City of Temple and Turner Behringer Development Company have been working together over the past several months to bring this project to fruition. Shane and Cody Turner, and Todd Behringer are among the leading developers of urban real estate in Central Texas and they have assembled a fantastic team”, states City Manager Brynn Myers, “I am incredibly excited they have chosen to invest in downtown Temple. The Hawn and Arcadia buildings are iconic landmarks in downtown and hold a special place in the hearts of many citizens. I look forward to seeing these beautiful, historic buildings brought back to life and a new generation of citizens able to build memories here.”
The Temple City Council also approved a tax abatement agreement for the Hawn and Arcadia properties that will phase in the property tax revenue associated with the redevelopment over a 10 year period.
Construction of the project is expected to begin in 2019. Completion of phase 1 is planned within 3 years of property conveyance and completion of phase 2 is planned within 4 years of property conveyance.
About Turner Behringer Development Company
Turner Behringer Development Company specializes in identifying, acquiring, and developing commercial and residential projects in Central Texas. Turner Behringer has played a pivotal role in the revitalization of downtown Waco. Projects included residential development projects like Franklin Square and Altura Luxury Lofts. Franklin Square was a mixed-use development that included lofts for lease while Altura was a high-end condo development that included 24 high-end lofts and penthouse suites. Turner Behringer’s projects also include retail and restaurant spaces like UParks Village, which spanned a whole city block and included over 34,000 square feet of retail and restaurant spaces.
Turner Behringer is excited to bring their expertise in downtown revitalization to Temple.
Joint Media Release
City of Temple, Texas
Point of Contact:
Director of Communications
Office: (254) 298-5600
Turner Behringer Development Company
Point of Contact:
Cell: (210) 912-4463