Staff
Houston Business Journal
The Jean Lafitte Hotel in downtown Galveston is slated to undergo a $12.5 million renovation to transform the 1920s-era building into an 85-unit apartment complex.
The Galveston Daily News reports The ITEX Group, a Port Arthur-based real estate investment firm, began construction this week on the building, to be renamed the 2101 Church Street Apartments.
ITEX bought the vacant hotel from Houston businessman Tracy Suttles in 2009. During its renovations, the group will restore the original look of the building.
ITEX received government funding for part of the renovations, and per funding stipulations, 46 of the apartments will be set aside as affordable housing units. The remaining apartments will have no income restrictions.
The complex is scheduled to be completed within 12 to 14 months, and it will include amenities such as a pool, courtyard and a spa.
