Revitalizing Downtown Abilene

The Singer Lofts is a 100-year-old Landmark in Downtown Abilene, Texas. The building is currently being restored to include the buildout of lofts on the 2nd and 3rd floors as well as mixed use space on the 1st floor.

During the fall semester at Hardin-Simmons University, students in the Principles of Real Estate Finance course weren’t just studying theories in a classroom setting; they were helping shape the future of downtown Abilene.

Led by Dr. Doug McIntyre, the class took on a real-world challenge: creating a master redevelopment plan for the historic Singer Lofts, a three-story building on Walnut Street.

Throughout the semester, students analyzed market data, consulted industry professionals, and presented investment proposals to Ted Evans, small business owner, developer, and owner of the Singer Lofts. Each group had to answer fundamental questions: What businesses would thrive in the building? How should the floors be designed to balance office space and short-term rentals? And perhaps most importantly—how would the project be financially viable for investors?

Andrew Bin, a senior from Kerrville, Texas, studying Economics and Finance

For Andrew Bin, a senior from Kerrville, Texas, studying Economics and Finance, the experience was eye-opening.

“We weren’t just putting rooms in a building. We had to consider what types of businesses fit the market and how to create synergy with the surrounding area,” Bin explained.

His group’s proposal included retail spaces, office units, and Airbnb rentals, all backed by a detailed income statement to project long-term financial feasibility.

“This project was very challenging because of all the variables that needed to be accounted for,” said Bin. “It was an open issue that we could do whatever we wanted with, there was no right or wrong answer. Whatever we saw suitable, depending on our research and what we believed the owner could financially get away with, was on the table. If we could back up our ideas and plans with realistic information, it could be used in the project.”

Beyond the classroom, students discovered the nuances of real estate development—historic tax credits, investment viability, and the economic ripple effect of revitalizing a downtown space. Bin highlighted how the project brought a real-world aspect to the classroom, helping him to enjoy the process more.

“Knowing how to gather information and defend your position is one of the most important things I learned because if you cannot defend your findings, your information is probably not worth anything; this can apply to any field of work,” explained Bin. “I talked with a relative at Thanksgiving dinner about tax credits and learned how they could be applied to the Singer Lofts. During that conversation, I realized his work in real estate development in Tennessee had encountered a situation similar to my group’s, but in a real-world setting.”

For downtown developer, Ted Evans, he was excited to get a fresh set of eyes and maybe some new ideas for the renovation of his historic building on Walnut.

“All three proposals were well researched and brought a varied set of ideas for the space,” he said. “It’s exciting to see students engage in projects that could impact downtown development with the hope that many of these students will end up living and working in downtown Abilene.”

Dr. Doug McIntyre, Professor of Business Administration, Kelley College of Business and Professional Studies

Projects like this highlight Hardin-Simmons’ commitment to experiential learning. The students’ work won’t just end with a grade—Dr. McIntyre plans to present the final investment packets as well as the case prompts used for the course at the Southwest Academy of Management Conference, showcasing HSU’s innovative approach to real estate education.

Reflecting on the impact of the project, Bin recognized the unique opportunity Hardin-Simmons students had to engage with real-world real estate development while making a tangible difference in the community.

Bin questioned, “How many real estate students get the opportunity to work on a real redevelopment project in their college town, guided by a professor actively involved in the industry? The most rewarding part of this project is knowing that the hours my group and I dedicated weren’t just for a letter grade. They are being used to create new business in Abilene and generate jobs through construction and the businesses that will occupy the space.”