The former 10-story hotel, built in 1927 is named for the famous French pirate who at one point lived on Galveston Island. After being damaged during Hurricane Ike is 2008 the hotel sat vacant for a number of years prior to the December 2011 renovation groundbreaking.
“Financing for the renovation included FHA insurance, a Disaster Recovery Loan through the federal Community Development Block Grant program, equity from the sale of historic tax credits and equity from the Port Arthur-based ITEX Group,” says Barry Palmer . “As a condition of the financing, ITEX agreed to lease 43 of the 83 units to persons earning 80 percent of the area’s median income.”
Barry Palmer is a Director in the Real Estate and Affordable Housing sections of Coats Rose. His practice concentrates on the development and rehabilitation of affordable housing under various federal and state programs and inner city revitalization projects utilizing tax exempt financing tools. A large portion of Palmer’s practice includes the representation of housing authorities in the redevelopment of obsolete public housing. He currently represents the following housing authorities: Texas (Beaumont, Brownsville, Dallas, El Paso, Fort Worth and Houston); Nevada (Las Vegas); Louisiana (New Orleans).
Palmer is a specialist in the development of affordable housing and inner city revitalization. He has particular expertise in the Section 42 Low-Income Housing Tax Credit program and the various HUD-administered redevelopment programs such as FHA insured loan programs, the CDBG program, the Section 108 Loan Guarantee assistance program, and the HOME Partnership program.
Coats Rose is a business transaction and litigation law firm based in Houston, Texas. For more than 25 years, Coats Rose attorneys have worked with clients in construction/surety law, real estate law, commercial litigation of all types, municipal law, public finance, affordable housing, insurance law, labor and employment law, and governmental relations. Coats Rose is comprised of more than 90 attorneys, with offices in Houston, Clear Lake, Dallas, Austin, San Antonio, and New Orleans.