A potential investor has renovation plans for the old AT&T building


BEAUMONT, Texas— Downtown Beaumont was the place to be back in the day, and a Dallas-based real estate investor plans to bring the area back to life.

The investor said he wanted to save the AT&T building in downtown Beaumont from the wrecking ball.

He has big plans for the property.

“Retail, restaurants, bars, cafes on the ground floor,” Selim Kiralp said.

He foresees a luxurious future for the downtown destination. Everything from luxury apartments to a rooftop bar.

“I will put luxury apartments on the other floors. I may also add a few hotels,” Kiralp said.

These are some of Kiralp’s renovation plans for the AT&T building if the city approves its $3 million bid to buy it.

“So I made a verbal offer to the city and our formal written offer is ready right now, we’re just doing a little tweaking before submitting it to the city,” Kiralp said.

Kiralp has been in real estate for over a decade, starting his business in his home country of Turkey, renovating older buildings.

“Texas kind of caught my eye with real estate development and a lot of potential in Dallas for developments, and I see Beaumont being one of those cities,” Kiralp said.

For the past six years, he has invested in real estate across the state, building projects from the ground up.

“We’ve done our market research here in Beaumont, there’s always a huge demand for apartments here,” Kiralp said.

He said he was already building a 100-unit apartment complex near Lamar University.

“My current development is 130% busy with apps, so there’s a waiting list,” Kiralp said.

The city bought the AT&T building last year from owner Tom Flanagan with plans to tear it down to make way for waterfront development.

“I’ve been inside the building and the structure of the building itself is very good and has a lot of potential to bring to downtown Beaumont,” Kiralp said.

If the city doesn’t tear it down, Flanagan has the right to buy it back. It will therefore be necessary to negotiate.

Acting City Manager Chris Boone also told 12News that the Kiralp project was a great idea, but the city is still reviewing the documentation and considering whether its proposal is feasible.

Kiralp said he would waste no time jumping in if his offer was accepted.

He estimates that structural design and obtaining permits will only take a year and construction could be completed in two years. So the only thing stopping him from renovating the AT&T building is the city’s decision.

Also on 12NewsNow.com…

Source link


Comments are closed.