OVERCOMING CHALLENGES IN THE SALE OF 50-PLUS PRIME ACRES ON THE GALVESTON SEAWALL
February 15, 2024 (HOUSTON) –
OVERVIEW
Galveston Island is an attractive destination for Houstonians to enjoy a beach vacation without a long car ride. It’s also ideal for those looking to invest in real estate. The 50-mile barrier island offers few opportunities for business developers to get their hands on a plot of land. So, when nearly 52 acres of undeveloped property on the Seawall became available, Lee & Associates – Houston’s Richard Glass, SIOR, principal, jumped at the opportunity to represent the seller.
ACTION
According to Glass, it took 14 years and five brokers to sell the land. He became involved in 2019. The property, held by the Maceo family since 1954, was in a receivership, or legal custody of the 52nd District State Court which appointed Mills, Shirley, LLP, the oldest law firm in Texas. Because of the varying levels of government involvement, there was no budget for standard due diligence usually conducted to sell land including surveys and reports. With wetlands in the area, and so many unknowns, prospective buyers truly needed to take a leap of faith in the purchase of the eight tracts.
Despite the challenges, Glass was determined to find buyers for the land. He knew the potential it held for development, thanks to its prime location. Glass worked tirelessly with Mills Shirley, LLP, and local and state agencies to gather as much information as possible about the land.
RESULTS
To date, all 52-acres of the prime seawall property have been sold. Most recently it was announced that a $250 million development that will include a retail center with hotels, condos, and apartment complexes with a public area, is being planned by Royal Crown Enterprises, one of Glass’ happy buyers. Other uses for the remainder of the land are still to be determined.
Glass was proud to have played a role in bringing this valuable piece of land to the market. The sale received media attention from many Houston-area papers. As a result, a neighboring property owner approached Glass to discuss the sale of 27.65 acres next to the Maceo tract. As one of the last big tracks on the Seawall, there’s no doubt this deal will also receive significant attention. Glass is thrilled to have another opportunity to help bring a valuable property to market and is looking forward to the challenge of finding the right buyer for this unique piece of land.
Lee & Associates – Houston Research
About Lee & Associates – Houston
Lee & Associates – Houston is a fully-integrated commercial real estate company with unrivaled market knowledge and an unwavering commitment to integrity and excellence. Our business-minded brokers specialize in office, industrial, and land real estate investments. Lee & Associates – Houston is part of a nationwide network of brokers in more than 80 offices in North America. The brokerage is uniquely qualified to support our client’s real estate needs in Houston, across Texas, and throughout the US. For more information, visit lee-associates.com/houston.