Historic Sea Gulf Villa in downtown Corpus Christi has a new future. This is what it is.

A nearly century-old building in downtown Corpus Christi may be on its way to becoming more than 100 upscale apartments.

Located at 416 N. Chaparral Street, the 10-story building known as Sea Gulf Villa had previously been dedicated to Section 8 housing for senior citizens and disabled residents. It had long been in disrepair, officials have said.

Among current proposals for the new complex – to be named 416 Flats – are full renovations of the living units and upgrades to the exterior’s brick façade and windows, as well as new paint, Downtown Management District Executive Director Alyssa Barrera Mason told a city board Tuesday.

The new name will be part of rebranding the building – the idea being that they “are creating a new experience for downtown residents,” she said.

“We want to make sure that we’re providing that higher-end lifestyle,” Barrera Mason said.

The complex, constructed in 1928, had originally been the “Pope Building” and had been devoted to office, retail and medical services space, according to a presentation given before the city board, which oversees tax incentives for the downtown area.

It became Sea Gulf Villa in 1979.

Because developers plan to use historic tax credits as part of the project, it will be required that they “retain the historic integrity of the property,” Barrera Mason said.

Altogether, the investment – to include the purchase of the building in 2019 – amounts to about $14.9 million, she said.

The current proposal includes dwelling sizes ranging from townhomes and penthouse-style units to one-and two-bedrooms, as well as those that are studio-sized, Barrera Mason said.

It is anticipated they would be priced between $900 and $2,300, depending on the unit size, she added.

City Councilman Everett Roy – who represents the district where the project is located – said Tuesday that it would be “refreshing to see that space being changed.”

“When you look at the overall design, it’s just got a cool factor,” he said. “I think that’s important, especially with the rest of downtown.”

Several boardmembers expressed concern about parking for future residents, including how that may affect area businesses and patrons.

There will not be a parking space in the parking lot for each unit, Barrera Mason said.

“This is something that is common in downtown areas – to be able to live and work without paying for a vehicle and paying to store a vehicle,” she said. “We will be monitoring how it leases up… what the gap is and then seeing if that’s something we need to adjust moving forward.”

There is a nearby parking garage where spaces can be leased monthly as well, she added.

Boardmembers also praised the developer, David Fournier, and his efforts in relocating previous residents of Sea Gulf Villa to what officials described as higher-quality accommodations.

Fournier’s company, working with the city, had helped develop a new $18.4 affordable complex dubbed FishPond Living Center Corpus Christi for the relocation, officials said in a ribbon-cutting ceremony in September.

It is estimated the renovation project for 416 Flats will be completed by August 2027, Barrera Mason said.

The city board approved about $3 million in tax incentives for the project Tuesday. The funding is drawn from what is known as a tax increment reinvestment zone.

The financing tool collects a portion of new property taxes within an established “zone” – in this case the downtown area – and use it to back incentives for improvements within the zone.

Finalizing the incentives will require a later vote by the City Council.

More: Residents at downtown Corpus Christi apartment complex to be relocated

More: City hopes FishPond at Corpus Christi complex provides affordable homes for seniors

This article originally appeared on Corpus Christi Caller Times: Apartments may occupy historic building in downtown Corpus Christi