Posted Mar 2, 2013, 2:26 AM
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Join Date: Aug 2009
Location: The ATX
Posts: 3,317
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Waco ISD alternative school to become loft apartments
Quote:
Developer Jerry Dyer, who is making a mark on downtown Waco with his Franklin Place retail and housing venture, has another project in mind.
Dyer confirmed he hopes to buy the Waco Independent School District’s alternative school campus, 805 S. Eighth St., and convert it into space for loft apartments, while retaining its historic look.
Dyer and Austin-based Realtex Development Corp. have signed a contract to purchase the 50,794-square-foot school, which the school district shuttered and designated as surplus property.
The deal will close if Dyer agrees to proceed after performing his due diligence.
“I am considering a condo-loft conversion that would preserve the structure,” Dyer said.
THC guidelines
He said he is pursuing a designation from the Texas Historical Commission that would allow him to receive tax credits on his investment if he follows THC guidelines.
He said he thinks he could place about 45 lofts in the building, which is one of several properties WISD is selling or has sold across Interstate 35 from the Baylor University campus with the help of real estate agents Jason Attas and Jim Peevey at Central Texas Commercial.
If and when the deal closes on the alternative school, WISD would receive $510,000.
“We’re really starting to see some really positive developments in that area and we want to be part of it,” Dyer said.
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http://m.wacotrib.com/mobile/news/bu...129e4d5f7.html
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