EDC OK’s pact that promotes downtown housing
Published 9:31 am Wednesday, September 19, 2018
By Ken Stickney
The Port Arthur Economic Development Corp. has entered into an optional purchase agreement with the National Development Council for three-plus acres of land downtown with the ultimate goal of building 118 housing units.
The pact was approved in a special board meeting Monday night.
Floyd Batiste, CEO, said in order for financing for the $24 million project to go forward, the NDC needed “shovel ready” land. That would be the cleared lot owned by PAEDC located on Fourth Street between Mobile and Shreveport avenues.
He said the deal is contingent on the NDC getting financing for the project. In general, that financing would include $9 million in NDC money, with the remainder coming from the Texas General Land Office and Rebuild Texas funds.
Batiste said an application for some $13-$14 million in GLO money is due Saturday and the state agency should decide on the application by mid-October.
In making the tentative deal with the NDC, the PAEDC tabled a purchase agreement from K.T. Maintenance for a half-acre of land adjacent to its building, which is located within the three-plus acres. The company said they would use the land for parking.
The plan for downtown housing, which was presented to the Port Arthur City Council last week, calls for construction of 118 townhomes that NDC would develop. NDC is a 50-year-old, Washington, D.C.-based non-profit, with a mission to “increase the flow of capital for investment in low-income communities.”
The idea is aimed not at constructing low-income property but at attracting people with discretionary income to live downtown. That, Batiste says, will provide incentive for private investment — a restaurant or a pharmacy, perhaps — to invest in the area.
The downtown townhomes would lease for $658.46 a month for one-bedroom units to $923.78 for three-bedroom units. He said the project could be developed in phases, if needed.
