More news about development in South Padre Island, Corpus Christi and Port Aransas. More highrises? $3 billion worth.
Developers Plan $3B Gulf Coast Projects
By Amy Wolff Sorter
Last updated: May 22, 2006 07:33am
PORT ARANSAS, TX-Two Sunbelt developers have joined forces to acquire 1,226 acres of undeveloped property on the Texas Gulf Coast. The build-out plan has an all-in development cost of $3 billion and will take 20 years to complete.
ZOL Development of Houston has picked up 672 acres on South Padre Island for the Renace and 554 acres in Port Aransas and Mustang Island for the Deseo. The development partnership is made up of Fred Zohouri of Atlanta and Jose Lora, a Houston-based real estate executive making his first investment in Texas. ZOL also is working a development in Florida.
ZOL Development of Houston will open a sales center in the near term in the area although both mixed-use communities, with high-density retail components, are still in the planning phases. Morris Architects of Houston is crafting the designs.
Connie Dando, marketing director for ZOL Development, says Deseo's first phase of residential development will break ground this year while the South Padre-Mustang Island development is still in the initial stages. "We're already starting on preliminaries on South Padre," she adds. The amount of retail space and mix of the residential density have not yet been determined for either site.
Zol Development, the firm mentioned in in that article.
ZOL Development Purchases Two Undeveloped Parcels Totaling Over 1,200 Acres of Pristine Waterfront Property on the South Texas Coast; Plans Announced for Separate Master Planned Communities on Each Site
HOUSTON--(BUSINESS WIRE)--May 18, 2006--Houston-based ZOL Development today announced the purchase of two parcels totaling over 1,200 acres of prime, undeveloped waterfront property on the Texas Gulf Coast.
One of the sites, totaling 554 acres, is located throughout several parcels of land in Port Aransas and Corpus Christi on Mustang Island, and features miles of waterfront land.
The second site, totaling 672 acres is a contiguous parcel of land located on the northern tip of South Padre Island and features miles of beach and bayfront.
The purchase makes ZOL Development, a partnership between Atlanta-based developer Fred Zohouri and long-time real estate industry executive Jose Lora, one of the largest landowners of Texas waterfront property.
ZOL will develop two separate, large-scale master-planned residential communities called Renace and Deseo which will be complete with town centers, offering retail shops, services and restaurants. The two communities will be developed simultaneously, and exceed $9 billion in total sell-out.
Renace, on South Padre Island, is a contiguous parcel and will incorporate high-rise, mid-rise and cabana type homes. Long recognized as one of the world's premier beach destinations with lush unspoiled dunes, South Padre Island lies between the Gulf of Mexico and the Laguna Madre Bay, near Brownsville about 30 miles north of the Mexican border. The carefully-selected variety of residences will enrich the overall environment, with a special focus on maintaining the area's acclaimed natural beauty.
Deseo, located on land in Port Aransas and Corpus Christi, on Mustang Island, encompasses a number of separate parcels, and will offer just as broad a variety of residential designs and complete set of community amenities, clustered around a mixed-use town center. Deseo's location on parcels of undeveloped waterfront throughout the renown Gulf Coast, is sure to establish it as one of the nation's most desirable coastal communities.
In both Renace and Deseo, the options for residential living are numerous. Owners may choose from several types of condominium residences located throughout each development. Single-family home buyers can purchase a home site and have the option of choosing from a portfolio of custom designed homes or selecting their own design team from ZOL's list of approved architects and builders.
"We expect to move ahead very quickly with our development plans for both of these exceptional communities on the Gulf of Mexico," said Jose Lora, president of the Houston-based development company. "There is no doubt that both of these master-planned communities will further the concept of 'North America's third coast,' providing a unique coastal living experience."
Lora further adds: "With the economies of scale we will generate developing such substantial developments simultaneously, we are confident that our price points will be extremely competitive when compared with similar Gulf Coast communities from Florida to Texas. Deseo and Renace will simply offer the same lifestyle, for less."
ZOL is opening a sales center in Houston this coming June, as well as on-site centers at both Renace and Deseo this Fall. For more information visit http://www.zoldevelopment.com
About ZOL Development
Houston-based ZOL Development is a leading developer of coastal communities along Florida's panhandle and North America's Gulf of Mexico, known as the 'emerging third coast,' where they are one of the largest owners of gulf-front land in Texas. ZOL Development's portfolio of master-planned communities currently includes Deseo on Mustang Island near Corpus Christi, Renace on South Padre Island and Aquatera at South Walton Beach in Florida's Panhandle. The principals of ZOL have decades of experience within the real estate arena developing projects throughout Texas, Florida, Georgia, Kentucky and Mexico. Their expertise includes new residential communities, condominium conversions, commercial office space, raw land and resort developments. For additional information on ZOL Development please visit http://www.zoldevelopment.com