Mineral Well’s historic Crazy Water Hotel is credited with making Mineral Wells, Texas a must-visit city again. This recognition highlights how sustainable financing solutions, like those provided by Texas PACE Authority (TPA), contribute to the success of landmark projects and surrounding communities while maintaining financial flexibility for property owners. The Popular healing waters made Mineral Wells a destination for people in the early 1900s staying at the Crazy Water Hotel, and “the Crazy” is bringing them back to Mineral Wells again today.

A Testament to Smart, Sustainable Development

Originally built in 1913, “the Crazy” served as a popular hotel, a retirement home, and a hospital before closing in 2010.  Led by Mineral Wells developers Randy and Misty Nix, local investors came together in 2018 to restore the Crazy Water and revitalize their hometown.  Historic tax credits supported the investment in restoration and TX-PACE financing allowed the developers to incorporate high-performance systems that reduce energy and water consumption, lowering operating costs over the long term while maintaining the integrity of the historic building. By utilizing TX-PACE, the redevelopment team could focus on preserving the hotel’s rich history while enhancing its sustainability features—making it not only a standout in design but also a leader in efficiency.

Recognition

The impact of the Crazy’s reopening has not gone unnoticed. Texas Monthly’s recent article, Thanks to the Crazy Water Hotel, Mineral Wells is a Must Visit Town Again, notes, “Locals say the hotel spurred the town’s revitalization in the ensuing four years, with reverberations ranging from new downtown businesses to visits from Hollywood film crews.”

When Texas communities invest in their local historic treasures, they create amazing benefit multipliers fostering revitalization though out entire downtown areas. Texas Monthly’s recognition of the Crazy’s draw to Mineral Wells reinforces the value of Palo Pinto County’s PACE Program and the smart financing solutions like TX-PACE established by the County to support the ambitious, transformative projects of its citizens. By investing in energy-efficient upgrades, the Crazy not only reduced operational costs but has also contributed to the city’s sustainability efforts and economic growth.

The Role of TX-PACE in Transforming Communities

The success of the Crazy Water Hotel serves as a powerful example of how TX-PACE financing enables property owners to preserve historic buildings, enhance energy performance, and stimulate local economies. Traditional financing options often make large-scale sustainability upgrades cost-prohibitive, but PACE provides a flexible and accessible alternative by allowing property owners to fund improvements through long-term, fixed-rate financing.

PACE can be used for energy-efficient HVAC systems, lighting upgrades, water conservation measures, and even renewable energy installations, all of which played a role in the Plaza Hotel’s transformation. By leveraging Texas PACE Authority’s financing program, developers can confidently invest in renovations that increase property value, improve sustainability, and boost community revitalization efforts. The Plaza Hotel stands as a model for other property owners who seek to restore historic spaces while making them more efficient, resilient, and profitable.

Learn More

To read the full article from Texas Monthly, visit this link.

If you’re considering how TX-PACE financing could support your next project, Texas PACE Authority is here to help. Whether it’s a historic restoration or a modern retrofit, PACE provides cost-effective financing solutions that allow property owners to implement sustainable improvements without upfront capital expenditures.

Texas PACE Authority is on a mission to empower property owners across Texas to make energy and water saving upgrades that save money, benefit the environment and their local communities. As a nonprofit organization, we administer the state’s Property Assessed Clean Energy (TX-PACE) program, working hand-in-hand with more than 100 local governments to create a simple, cost-effective path for businesses, nonprofits, and industrial facilities to improve their infrastructure. Since our inception in 2015, we’ve facilitated more than half a billion dollars in new energy and water saving measures for Texas’ businesses and nonprofits. We Are Your Local Trusted Experts for All Things TX-PACE.

📩 Contact us today to learn more about how TX-PACE can make your vision a reality.