Holiday Powersports announced its plans to purchase and renovate the Haverty’s Furniture building off Texoma Parkway Tuesday as the motorsports retailer looks to expand operations in the Sherman area.

Owner Matt Johnson said he expected to close on the property within the next month and begin renovations this summer, but due to a non-disclosure agreement with Haverty’s, Johnson said he could not discuss the projected sale price of the property until the deal was finalized. General Manager Alvin Childress said the search for a new property started approximately six months ago amid the realization that the business was outgrowing its current location, less than half a mile south on Texoma Parkway. Despite the proximity, Childress said Holiday Powersports would not shutter its current store and hoped to open the new facility this fall.

“The retail business has really taken off for us, so we’ve looked for different locations and this seemed to meet our needs,” Childress said. “The building is fairly new and, for the most part, everything we needed is there.”

In April, Haverty’s confirmed that it would close it’s 25,000-square-foot showroom in either late June or early July. Haverty’s Senior Vice President and Corporate Secretary Jenny Parker said the furniture retailer has been in Sherman for 30 years and has occupied its current location for 15 to 20 years. Childress said, to his knowledge, renovations would likely begin sometime after the first week of July.

“There will just need to be a few modifications on the inside, but for the most part it’s all done,” Childress said. “There will be some renovations for a new service department and parts department. The showroom floor will be redesigned to fit the vehicles. As far as the outside of the building, it’s pretty much going to be the same.”

Johnson said he expected the renovations to cost several hundred thousand dollars, but declined to provide a more specific figure. Childress said additional employees would be hired to staff both the new and existing stores and the added space of the new location would allow Holiday Powersports to effectively double its inventory and better entice new powersport vehicle vendors to strike a deal with the retailer.

“We have approximately 20 employees now, so it could double, if not triple,” Childress said. “It depends on how fast we grow.”

Despite its proximity to the lightly-trafficked Midway Mall next door, Childress expressed confidence that Holiday’s future home would benefit from its location on the busy Texoma Parkway and possibly breathe new life into the surrounding retail center.

“Hopefully this will start some kind of rejuvenation process,” Childress said.

CenterPoint Commercial Properties Vice President of Rural Markets Bill Wastoskie, who helped orchestrate the pending deal, said, in its search for a new location, Holiday previously purchased a property north of U.S. Highway 82 and west of Travis Street. But upon finding a more suitable home just up the street, Wastoskie said Holiday intended to sell the land.

“We’re excited about moving,” Childress said. “It’s a bright future for us and the Sherman area.”