[Urbannizer]

Apartments, parking garage to soon rise on isle

Hammer time? If all goes as planned, crews in June will begin long-awaited work on a six-story parking garage and an apartment complex in a development that will save what remains of the historic Medical Arts Building and ease parking woes in the island’s downtown.

Negotiations and planning for the development have been long and complicated with "many moving parts," officials with Port Arthur-based development firm The ITEX Group said last week. The ITEX Group caused much buzz in September 2016 when it confirmed plans to build a 232-unit apartment complex at the site of the Medical Arts Building, 302 21st St. The ITEX Group earlier that year had finalized acquisition of the long-vacant building. The firm also confirmed at the time it was partnering with American National Insurance Co. to build the six-story parking garage.

Last week, Bobken Simonians, senior vice president of The ITEX Group, said the company was negotiating with equity investors to secure a loan. When that's finalized, construction could begin in June, he said.

The project will have three components — restoration of the historic building, new residential construction and parking. The historic building will contain 72 units. The remaining units will be in a newly constructed addition adjacent to the historical building.

Crews will begin work on the 72 units and the $10 million parking garage before moving on to the new apartment construction, Simonians said. The ITEX Group will build the parking garage with financing from American National, Simonians said. When construction is complete, The ITEX Group will turn the parking garage over to American National, Simonians said.