Latest news with #OverlandPropertyGroup
Yahoo
13-02-2025
- Business
- Yahoo
Abilene city council changes mind, gives support to income-based housing project downtown
ABILENE, Texas () – The Abilene City Council has changed their mind and is now giving support to an income-based housing project proposed for downtown. Overland Property Group approached council once again Thursday to seek their support for the project, Landmark on Cypress, which would bring 49 units to a historic building located at 301 Cypress Street. 'Landmark on Cypress would be an opportunity to bring mixed-income housing to Abilene's downtown, contributing to Downtown Abilene's revitalization efforts and goals,' Overland Property Group explains. This housing project is designed to accommodate all income levels. A certain percentage of each of the 49 units will be available to the following income tiers $17,000 to $28,100 a year – 4 units available $28,200 to $46,700 – 8 units available $33,850 – $56,050 – 25 units available $56,000+ – 12 units available Abilene City Council rejects support of low-income housing downtown Overland Property Group also plans to use this project as an opportunity to revitalize downtown while preserving some of Abilene's history, as they would be seeking to make Landmark on Cypress a National Historic Landmark. After hearing additional information on the project, city council members gave a near-unanimous vote in support, with councilmember Blaise Regan being the only vote against, citing negative feedback from the community. 'After going back to the other business owners, and saying, hey, does this change this for you (mixed use),' Regan explains. 'Because we are conduits of business there, this is a letter of support, so we have to represent what the people want, and my by and large feedback has been no.' Since Landmark on Cypress now has support from the Abilene City Council, the Overland Property Group has a better chance at securing a grant from the Texas Department of Housing and Community Affairs that would help fund the project. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
11-02-2025
- Business
- Yahoo
Historic downtown Texarkana building in early stages of becoming apartments
TEXARKANA, Texas (KTAL/KMSS) – Another historic building in downtown Texarkana could soon be given new life as an apartment building. A representative from Overland Property Group spoke to the Texarkana, Texas City Council Monday night about the adjoined stretch of properties they recently purchased from 301 to 319 Pine Street and their plans to turn it into affordable housing while maintaining the historical significance and charm. 'We would be looking at doing a full historic renovation. They call them a historic adaptive reuse where you do a historic renovation of these buildings, but then you give them a new use.' says April Engstrom, Overland Property Group's Director of Development for Texas. More Texarkana News The location is next door to another historic building that recently reopened as an apartment building, Lofts at the Grim. 'So the Grim has served as a catalyst project of what what our downtown can look like and and will look like in the future, and so we're just glad that more people are catching on to it.' says Vashil Fernandez, the Director of Planning and Community Development for the City of Texarkana, TX, 'The idea behind that is just that they will continue to grow and then our downtown will be completely redeveloped.' That's why the city is working with Overland to facilitate the redevelopment process for what would become Landmark on Pine. 'So as part of our goal to revitalize downtown, we have things that we can use to help the property owners or developers.' says Fernandez, 'We've been talking to the developers about looking at our tax abatement program that we have for historic commercial properties in our in our city. As well as looking at other opportunities where we can help with, like some of our EPA funds and different things of that nature.' The group is looking to clear an early hurdle and apply for state housing tax credits to help fund the project, but first they needed official support from the city. 'So in Texas, if you are working with housing tax credits, the state requires that you get a resolution of support from the city, which is fine by us, you know, we don't develop and sell. We develop and own and operate indefinitely.' says Engstrom. She says Overland has been around for over 20 years and over that time has sold only a couple of the more than 70 properties they have developed. 'It's just not our business model. So for us to come into a new city or any town at all, we want to be good neighbors. We don't wanna just, you know, railroad our way into a new town, develop and burn bridges or anything like that.' says Engstrom. The city council unanimously approved the resolution supporting the application for tax plans to use housing tax credits along with historic tax credits to fund buildings that would not only provide around 40 units of income-based housing for seniors 55 and up, but also part of the National Register of Historic Places. They expect to submit the application for the housing tax credits by the end of the month and are very confident it will be approved though they will not know for sure until July. Overland is based in Kansas but say their largest footprint is in Texas and they are excited to make their mark on Texarkana. 'It's been really great in Texarkana to realize that they… care about historic preservation which you would hope that they do because they have so much cool architecture and so it's been, you know, a really great and cohesive match so far.' says Engstrom. If everything goes smoothly it could be completed by the summer of 2027. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
