Just before the Christmas holiday season, the Temple City Council approved a development plan and agreement involving the Arcadia Theater, the Hawn Hotel, the Sears Building and other adjacent property. Under the proposed agreement, the City will convey the hotel, the theater, the Sears Building at 102 E. Central, and the parking garage at 119 E. Adams to Turner-Behringer Development Co. Also, the Agreement provides that the City will provide $1.6 million in public improvements such as intersection improvements, landscaping and signage, and an additional $550,000.00 to help pay for asbestos abatement, façade improvements and design work. In addition, the City will provide a 10-year, 100% tax abatement on the property that will diminish after the first five years.
In return, developers will pay $340,000 for the property, and then commit to invest over $6 million into residential, retail and entertainment uses. According to the developers, the construction on this project will commence in June 2019 and will end within the next three years. This project will involve a public and private investment of at least $8 million and will be a tremendous economic boost to downtown Temple.