TYLER, Texas (KETK) – A groundbreaking ceremony will be held on March 30 at the site of a former bank in downtown Tyler, soon to be renovated into an apartment building.

In April 2022, a New Orleans based tax-advantaged real estate company, NORF, purchased three buildings that they plan to reconstruct into rental units in Tyler.

On March 1, NORF closed on financing and received the permits to start working on one of their previously purchased buildings known as The Wilcox on 230 South Broadway Avenue.

“We are happy to be adding high quality new housing at affordable pricing to the Tyler market. Tyler’s current and anticipated growth will continue to require additional housing opportunities and NORF is hard at work on three other local Tyler projects.” said NORF Managing Director Cullan Maumus.

NORF will be converting the former bank into 31 market-rate apartments that will highlight the building’s mid-century modern design and will include a green space along the former bank’s drive-thru, the release stated.

The Wilcox is a historic structure in downtown Tyler, first opening on March 22, 1956 as the Cooperative Savings and Loan Association Building. It was named after famed architect E. Davis Wilcox.

The Wilcox is part of the NORF 4 Opportunity Zone Fund that focuses on, “improving communities by redeveloping and revitalizing blighted neighborhoods while generating compelling risk-adjusted returns for its investors,” said NORF Executive Director Paul G. Tiranno.

The company’s plans are to finish the reconstruction in early 2024 and will hold the groundbreaking ceremony on Thursday, March 30 at 3 p.m.