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Adaptive Reuse Wins Top National Preservation Award

LAREDO, TX-The Hamilton Hotel in Laredo takes the National Trust honor for its conversion from a 300-room facility into 165-unit complex for senior citizens. The fully occupied asset is part of the border town's historic district.

By Jennifer Brenner Andrade | Updated on November 05, 2002

LAREDO, TX-The 75-year-old Hamilton Hotel at 815 Salinas Ave. in the Texas border town of Laredo is accorded a leading preservation award by the National Trust and HUD for a conversion into senior affordable housing.

Covenant Hamilton Housing Partners, a Texas multifamily developer, and Related Capital Co. of New York City steered the adaptive reuse project from a 300-room hotel into a 165-unit complex for senior citizens. Covenant oversaw leasing and development while Related invested $8.8 million in equity for tax credits on the redevelopment completed two years ago. The City of Laredo and the Laredo Housing Finance Corp. also helped to take the project to fruition.

The fully occupied complex was converted into efficiencies, one- and two-bedroom units. They are reserved for residents 60 years old and over who earn less than 60% of the area’s median income. Units range in size from 353 sf to 743 sf, with monthly rents going from $379 to $487.

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