DENISON, Texas (KTEN) — With a steady rise in the housing market, SG Blocks is looking to invest $115 million in a housing development where Texoma Medical Center once stood in Denison.

SG Blocks is a leading design and development firm out of Brooklyn, New York. They have previously shown interest developing around the Texoma region by building a manufacturing facility in Durant, Oklahoma. 

"This specific project in Denison will provide roughly 500 multi-family housing units," said SG Blocks CEO and chairman Paul Galvin in a written statement. "We're excited about the potential that we have to make a positive impact."

Denison Development Alliance president Tony Kaai believes this specific site is due to be revitalized.

"We want it to be redeveloped and provide something for the community... in this case, probably housing," Kaai said. "We are going to do whatever we can to assist the owner and potential developer."

The company is hoping to break ground sometime in 2023.