TYLER, Texas (KETK) – A real estate company purchased three more buildings to redevelop in downtown Tyler.
NORF Companies (NORF), which is based in New Orleans, added three new projects to their portfolio which are 145,000 square feet.
NORF already purchased the former Carlton hotel at 106 East Elm, which is 104,696 square feet. The hotel closed last September and it is being demolished from the inside.
The buildings that were recently bought were The Fair (121 S Broadway), The Lindsey (123 S Broadway) and The Wilcox (230 S Broadway). They are all about a block away from each other.
NORF is hoping to reconstruct The Lindsey and Wilcox buildings so they can be mixed use and create 80 new rental units in Tyler.
NORF also wants to remodel some locations inside the Fair building, but it will still be an office space. However, they are looking for a tenant for the ground floor retail space.
The projects will make use of Qualified Opportunity Zone Fund tax benefits, Federal and State Historic Tax Credits, and potentially New Markets Tax Credits.