News has come out regarding Jerome Karam Houston‘s next redevelopment project. It has been reported that the famous Friendswood real estate developer has acquired two old Galveston buildings lying close to the beach at 717-725 Broadway and has plans to convert them into short-term rental units.
The buildings in question are Riviera, a 12-unit apartment complex, and Sonja, a four-plex. These apartment complexes date back to the 1930s and were, until now, owned and managed by DRE Properties LLC, from whom Karam’s company, JMK5Holdings, has bought the properties.
The acquisition was completed by Mr. David Wallace, representing the buyer on behalf of Advance Regional Agency, and Mr. David Bowers of The House Company, representing the seller.
According to reports, Karam will start on the project as soon as leases on the buildings expire. At a press conference, the attorney-turned-real estate developer revealed that both properties possess great potential as short-term rentals due to their proximity to the beach but also because they are located close enough to the University of Texas Medical Branch.
So, apart from tourists visiting the city, the new rental units will have potential users in the form of families seeking a comfortable place to stay when their relatives stay admitted and receive care at the medical facility nearby. Vis-à-vis this new deal, one can again appreciate Karam’s keen business acumen since both of the acquired buildings are equipped with their own parking space. Anybody from Galveston will know that this is a huge advantage for any property since parking space in the city is at a premium. In fact, many short-term rental complexes at Galveston lose out on potential clients due to the lack of individual parking facilities.
As for the present residents of the buildings, Karan maintained that this is not a contentious issue at all, and there is no question of driving anyone out. The company will only start work once leases expire by which time the current residents will have sought out new residences.
During the same press conference, Karam also sounded extremely buoyant regarding the business model of Airbnb, an online property rental service that consumers use to find short-term rentals of their choice. Over the last years, Airbnb has been able to garner huge popularity in its niche, thanks chiefly to its high-quality service and accountability to its customers.
Karam was also all praise for the company and revealed that he is really excited about turning the redesigned property into an Airbnb. The developer further revealed that a number of different themes will be used for the refurbished units, in order to cater to the different tastes of the potential customers as also to make the property sport an appealing and attractive appearance.
In view of Jerome Karam Houston‘s earlier accomplishments, especially his repurposing the Falstaff Brewery and the Mall of Mainland into thriving mixed-use development places, it can be safely assumed that this latest upcoming project will be another resounding success for JMK5Holdings LLC.
In addition to the above, Galveston County may see two other large-scale development projects realized in the near future. The first of these, a residential multi-use apartment complex at League City’s Pinnacle Park, is already beyond the planning stage. If sanctioned by League City Council’s planning department, the project will be undertaken by the CityStreet Residential Partners.
The other involves the construction of a five-story multifamily luxury building at 230 E. Beach. The demolition at the property site has already been completed. However, more details as to when the new construction will begin are not available at this point. According to Galveston city officials, the developer is yet to submit a new construction permit for the site as of this date.