CORPUS CHRISTI, Texas — Editor's note: The story has been corrected to reflect that the city of Corpus Christi is not developing the property.
Whether you live in an apartment or own a home, there's no doubt you've noticed that things have gotten more expensive. The city of Corpus Christi is working on an initiative to help provide more workforce housing options to residents.
Developers CC Capital Group and CC Party Hotel are looking to invest $60 million in repurposing an old hotel in the 900 block of Corn Products Road into new apartment complexes. The City is providing a $5 million incentive over 10 years, which in turn, aims to help pour back into the local economy.
Jason Alaniz is a redevelopment officer with the City's Economic Development Department.
"About 40 percent of our region's workforce is about 10 minutes from this location," Alaniz said, referring to residents who live and work along Corn Products Road.
The stretch of road is home to many refinery partners that largely contribute to Corpus Christi's economy.
Alaniz said the City's incentive is based on renting not being exclusive to refinery and industry workers, and for half of the units being open to residents whose financial criteria meets or is below a certain level.
"The area median income for a one person family is about $50,000," he said. "For a two-person family is approximately $63,000 a year."
The program also acts as a two-fold benefit because the city is making use out of old infrastructure.
"Utilizing these buildings that were originally constructed as hotels; back in the 70's and 80's these were constructed as Hilton hotels to serve industry," Alaniz said.
The buildings are currently in a worn down state. Those who own homes know how expensive renovations and repairs are pricey.
"Sometimes they won't make repairs because they can't, they have food to consider," he said.
Habitat for Humanity Interim Executive Director Cheryl Andrews said while owning a home is preferable to renting, it can be just as stressful when it comes to keeping a steady roof over your head, but for those who qualify there are options.
"We do give a mortgage with no interest on it, that's a huge deal, that's very big," she said.
The project is still in its very early stages. Alaniz said that phase one is expected to be complete by December 2026 and phase two in June 2028.
