The Lindsey and The Fair buildings are pictured. NORF also purchased The Wilcox.

A New Orleans-based developer wants to bring new life to multiple historic buildings in downtown Tyler by renovating them into retail spaces and rental housing units.

NORF Companies recently purchased The Fair, The Lindsey and The Wilcox all on South Broadway within a block of one another.

According to a press release from NORF, the company plans to renovate The Lindsey and Wilcox buildings into mixed-use/multi-family units, adding about 80 new rental units to the downtown Tyler market.

In addition, NORF intends to remodel areas of The Fair and will continue to operate it as office space as it looks for a tenant for the ground floor retail space.

Cullan Maumus, managing director of NORF, said Tyler is a great city in growth mode.

“The valuations we have been seeing in Tyler for quality buildings, some already in service, have only been one factor in our multiple acquisitions here, but certainly not the only driver,” Maumus said. “Spending time here, the vibe is infectious. City leaders proudly champion opportunity while entrepreneurs and professionals have bought into a shared vision. We are excited to participate in this undeniably special time in Tyler’s history.”

NORF also noted Tyler is one of the fastest growing areas in Texas with an “above average per capita income,” also noting the University of Texas at Tyler’s current project for its new medical school set to be completed in 2023. The company also referenced the estimated economic impact of $1.9 billion and the 21,000-plus jobs the school will bring to Tyler, according to officials.

Maumus said NORF is looking forward to returning its recently acquired historic buildings “to their former vibrance and make them a part of Tyler’s future.”

The acquisition extends NORF’s footprint in the Tyler market, adding to their existing plans to renovate the former Carlton Hotel, 106 E. Elm St., which closed last September and is currently in design and undergoing interior demolition and abatement, according to NORF. In its prime, the Carlton was a 115,000-square-foot, upscale hotel with a three-story parking garage, rooftop swimming pool and a cabana.

The design team for the project will be Fitzpatrick Architects in Tyler, along with Albert Architecture of New Orleans.

The renovation of the Lindsey, Fair and Wilcox are part of NORF’s national strategy to improve communities by redeveloping historic buildings and revitalizing blighted neighborhoods while generating compelling risk-adjusted returns for investors.

The projects will make use of Qualified Opportunity Zone Fund tax benefits, Federal and State Historic Tax Credits, and potentially New Markets Tax Credits. Qualified Opportunity Zones are state-designated areas known to be underdeveloped and in need of economic expansion through redevelopment or job growth, according to NORF.

The Lindsey was built in 1945 and is located at 123 S Broadway Ave. The Fair was built in 1949 and is located at 115 S. Broadway Ave., and The Wilcox was built in 1956 and is located at 230 S. Broadway Ave., according to the Texas downtown historic property listings website.