Westmark Commercial | TCN Worldwide recently announced funding for the NTS Building – formerly known as Metro Tower – which at 20 stories is the tallest building in Lubbock. MRE Capital and its partner, Austin-based Structure Development, plan to redevelop the historic tower at 1220 Broadway as Metro Tower Lofts with 89 residential housing units – a mix of efficiency, one- and two-bedroom lofts for lease. The Metro Tower building will continue to be the iconic landmark of Lubbock’s downtown skyline.
“This sale is monumental for the history and future of downtown Lubbock.”
The deal gives the building – built in 1955 – a new lease on life. The property never fully recovered from the 1970 tornado that tore through downtown Lubbock. Although it was stabilized and re-opened in 1975, in recent years the city fire marshal made 13 floors off-limits because they did not meet fire code for access and fire suppression. But, the enthusiasm and encouragement for downtown redevelopment has changed. Full city support was crucial to making this happen. Mayor Dan Pope, the city council, state Rep. John Frullo and the Central Business District Tax Increment Board all lent their support.
The building inspector and fire marshal proposed changes to restore the integrity of the building and preserve its historic character. They signed off on a design for a new staircase and an overhead sprinkler system, making the new project viable.
The project in Downtown Lubbock is transformational in so many ways. It is a historic Lubbock monument, but more than half of the space is uninhabitable. It needs extensive remodeling, and MRE Capital is putting in the work to revive it and restore it to full occupancy.
The MRE partnership was interested in the NTS Tower the first time they saw it. When we first began working with MRE Capital in downtown Lubbock, they said, “I want the tallest building in town.”
The timing was finally right with the approaching business sale of NTS to Vast Broadband. “This is a win-win-win deal. Win for NTS, win for MRE and win for downtown Lubbock,” said Bill Morrow, NTS chief executive officer. “This is a gigantic step forward for the redevelopment of downtown Lubbock with MRE spending millions to redevelop the Metro Tower building with their impressive talent.”
MRE Capital has completed 18 residential developments across the Midwest and five in Texas, including Conrad Lofts in Plainview, which restored the Conrad Hilton Hotel built in 1929, and Farmhouse Row in Slaton. The partnership will be using historical tax credits and housing tax credits as part of the financing. Its construction budget is over $20 million with plans are to begin construction this spring and finish construction in the fall of 2021.
The developers’ design includes commercial amenities on the first floor. NTS will use the second and third floor for their servers, and it will continue to use the roof for its communications equipment. Lofts will be on floors four through 18. The top two floors will be reserved by the developers for future use. Fourteen of the 89 units will be market rate and the remaining units will be available at reduced rates to people who qualify. The developers have also purchased four parking lots: one is directly north of the building; another is opposite the building on the south side of Broadway; and the others are at 1301 10th St. and 1402 Main St.
“This is a win-win-win deal. Win for NTS, win for MRE and win for downtown Lubbock.”
The 274-foot high tower was originally called the Great Plains Life Building when it was completed in 1955. It was designed by David S. Castle, an Abilene-based architect who designed dozens of buildings, churches and courthouses in West Texas. His career spanned forty years and the tower in Lubbock was one of the last buildings he designed. His first designs incorporated a neo-classical style and his later buildings like the Metro Tower were designed in the international mid-century style.