Hotel Clovis

       After 20+ years of vacancy, we have a developer who sees beyond the abandoned, neglected building and sees what it COULD be. A vibrant, people-filled, beautiful contributing asset to our downtown. Not only does he have the vision, but he is willing to put his money, man-power and reputation into seeing this vision become a reality.  Steve Kroser with Tierra Realty has a track record of successful projects like Hotel Clovis. He has already made significant investments of time and money and is committed to the project. Find out more at his website: http://www.tierrarealty.com/index.php

How is the project being funded? The developer and his investors will carry the bulk of the almost 13 million dollar project with private investment and tax credits that have been received through the NM Mortgage Finance Authority. The City of Clovis will grant/loan up to a maximum of 1.4 million dollars. Once the Affordable Housing Plan is in place, there are other grants that the project qualifies for to reduce the amount loaned or granted. Also the City will receive $300,000 in GRT (the state will also receive the same amount) and that there will be jobs tied to the construction and 8,000 square feet of retail space in the Hotel.

 What about tearing it down? First, Clovis MainStreet is part of the National Trust for Historic Preservation. We encourage economic development within the context of historic preservation. The Hotel is a piece of history and we will support the project because of its catalytic impact on the downtown district.

Second, even if the cost to tear it down was exactly the same as the proposed grant/loan (which it is not) would we really rather have it torn down?

The Hotel has been on the work plan for Clovis MainStreet for 10 years. It is also a primary project in the Metropolitan Redevelopment Act adopted by the city in 2005. Tearing it down throws away the time and money that have already been poured into the building. Taxpayer dollars down the drain.

Key Points about the Hotel Clovis Lofts Project:

• a It is a Community Initiated Development.
• a It is a $13mm project… if not spent here, it will be used somewhere else.
• a The development will have LEED Platinum Certification status—the first mid-rise with this designation in the COUNTRY!
• a It will provide 59 housing units and 8,000 square feet in retail space, as well as park space and beautification of a prominent area of downtown.
• a Significant historical assets will be retained.
• a It will create jobs during construction and after completion.
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For more information on the Affordable Housing Plan please visit http://clovisprogress.com

For more information on the developer’s plan for the Hotel please visit http://www.tierrarealty.com and click on “works in progress” “hotel clovis lofts.”