TEMPLE, Texas — The Temple City Council adopted a resolution to authorize grant funding for development of a downtown property Thursday.
The development agreement will provide Strategic Investment Zone grant funding to rehabilitate the property at 103 E. Central Ave.
"We are excited to announce that another historic downtown building will be rehabilitated for a mixed use residential retail project,” Brian Chandler, Temple's director of planning, said.
The property's building was originally completed in 1929 for office and retail tenants.
Temple City officials said downtown Temple is designated as its own SIZ area, meaning property owners can apply for matching grant funds for rehabilitation, landscaping and safety related interior improvements.
The grant will allow the developer to receive up to $115,000 in matching funds and up to an additional $30,000 for residential units in a mixed use project.
The developer, VKDM Investment, LLC, plans to invest around $3.8 million to create retail space on the ground floor and rooftop deck as well as apartments on the second through sixth floors.