BEATRICE – Repurposing an historic former hotel in downtown Beatrice will be aided by an economic development loan.


The Beatrice City Council has approved a $1.5 million loan from LB 840 funds, to The Paddock, LLC….a project being undertaken by Hoppe Development.


The multi-story building at 6th and Court, formerly an assisted living center, is being transformed into apartments and business space.  Hoppe Project Development Manager, Evan Clark, says the company focuses on developing affordable housing…and is redeveloping the historic, 1924 building.


"We're going to convert it into 36 residential units. There's a mix of some studios, ones and two-bedroom units. Rents will range anywhere from $900 to $1,200, $1,300. That's kind of what the units will be. In addition to the residential portion, we have a collaboration with NGage here....we worked with them to secure some USDA financings, a grant. The grant will go toward the first floor. We'll be able to get new offices for them to move into. We're going to partner with them on creating incubator and co-working space."


Businesses would have access to space for testing of products and markets at a reduced rate. "There's going to be four to five of those spaces. There's going to be additional co-working spaces and office space. People can rent a space...have a space for a day...they don't have to have their own office. We're really excited about that. There's additional conference rooms. The city can rent them out....anybody in the community can rent those out."


Clark says it represents a new approach for Hoppe Development. He says the project using state and historical tax credits, totals about $9.94 million. Currently, asbestos removal and demolition work is being done.


"Our goal is to close on our construction financing or additional financing here, at the end of the month. We're really moving forward at this point. We're probably looking at an 18-month build. Residential units could be available January or February of 2026...the commercial and NGage space probably the summer of 2026...and then the goal is to have all the residential units done in 2027."


Clark said the company has benefitted from great support from the City of Beatrice, Main Street and NGage. The project is making use of a workforce development loan and tax increment financing.


The nine-year economic development loan from the LB 840 fund carries targets that if met by the company at the end of the project, the loan can be forgiven.