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.

"The rich history of the building is a link to Laredo's past that generations to come will view with pride," HUD secretary Mel Martinez said in a press release. "Equally important for the low-income, elderly residents of the Hamilton Hotel, this is more than a historical landmark--it is their home and real hope for a better way of life."

Justin Ginsberg, Related Capital's senior vice president, said the hotel is an example of the "viability of the nation's affordable housing programs." The hotel's historic lobby, community room, sitting rooms on each floor and patio were restored as part of the adaptive reuse project.

The Hamilton is close by a myriad of shops featuring contemporary fashions, cultural artifacts, along with office and residential buildings. It is positioned five blocks from the city of Nuevo Laredo, Mexico, which has a population of more than 500,000 and is a free-trade zone partner with Laredo.

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Adaptive Reuse Wins Top National Preservation Award

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