by Michael Stafford
Residents in Big Spring have been waiting for years, and on Tuesday night, City Council members moved one big step closer to making those plans a reality.
The Old Settles Hotel, built in 1930, stands idle today, but that's all going to change in about a month.
The City Council, Moore Development, and Dallas developer Brint Ryan have finalized a nine million dollar plan to spruce up the old high rise.
The Settles Hotel Development Company will start work in mid January.
The Dallas developer is putting up six million, and the city three million.
The first three floors will be commercial and retail space, and possibly a restaurant, while other floors may be living space depending on the demand.
"Big Spring is very excited about it. We think this is going to be a cornerstone of our downtown redevelopment. It has already spurred some individual development downtown with private monies and we think that this is going to be huge to continue the development revitalization of our downtown," Terry Wegman with Moore Development, said.
Wegman says the entire project could be completed within three years.
And the Texas Historical Commission says the old landmark is eligible to be nominated into the National Register of Historic Places, and that could mean some great Federal tax help.