RREAF Holdings announced it completed a geotechnical testing milestone as it progresses toward vertical construction of the Margaritaville Resort and Beach Cottages development in Galveston, a $700M project originally slated to break ground in 2024.
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RREAF plans to deliver a model cottage on the site this month and start welcoming prospective buyers by the summer. Between December and February, the developers completed the geotechnical test-pile phase, ensuring the site can support the planned structures.
The project has secured several permits, including a federal beachfront construction permit and a trademark sublicense agreement with Margaritaville, and RREAF remains engaged in dialogue with the city of Galveston.
The development is expected to include a 300K SF Margaritaville Beach Resort with a water park, restaurants and hundreds of guest rooms as well as 278 for-sale furnished cottages. Houston-based Aura has built cottages off-site, and contractors and landscapers are on standby for when the next phase begins.
“This is an important milestone for our project and a clear signal that we’re moving forward,” RREAF CEO Kip Sowden said in a statement.
PEOPLE
Kirksey Architecture hired Ashley Chiarelli to lead its new strategy and foresight practice, which will introduce a formalized, data-driven approach to early decision-making. Chiarelli has more than 10 years of experience at commercial architectural firms.
SALES
SWI Valve International acquired Heritage West Building 1, a 33K SF industrial facility at 1045 Heritage West Drive in Katy, for its own operations. The building, within the three-building Heritage West Business Park, was completed in March.
Stream Realty Partners’ Tyler Maner and Will Mason represented the buyer. The seller, a partnership between Urban Cos. and InSite Realty Partners, was represented by John Stavinoha and Steven Hazel of InSite.
FINANCING
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Eastern Union led the capitalization for Raintree Apartments, a 248-unit multifamily property at 3300 Rollingbrook Drive in Baytown, securing a $5.5M capital partner. Cohen Investment Group recently acquired the asset and partnered with a capital provider sourced by Eastern Union. Eastern Union’s Jonah Pinchot led the transaction.
CONSTRUCTION AND DEVELOPMENT
Hall Structured Finance closed on a $29M first lien construction loan for the development of XSpace Houston, which broke ground last week at 7022 Old Katy Road. XSpace Houston will be a four-story, 86-unit, 93K SF lifestyle industrial, office and recreational condominium development.
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Houston personal injury law firm Arnold & Itkin is planning a $12.9M renovation of its penthouse office at the 22-story building at 3040 Post Oak Blvd., the Houston Business Journal reported from a Texas Department of Licensing and Regulation filing. These filings are often preliminary and subject to change, but it projects the start of construction next month and completion by the end of this year.
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