HOUSTON – (Realty News Report) – One of few remaining high-rise development sites near the western end of the Galveston Seawall has been acquired by Satya, a Houston-based commercial real estate firm.
The 2.86-acre tract is adjacent to adjacent to the Diamond Beach Resort, a condominium developed by residential developer Randall Davis.
Satya has a Houston development portfolio that includes three mid-rise condominium projects: The Sophie, Giorgetti Houston, and The Westmore.
The firm, founded in 1999 by Sunny Bathija, Chief Executive Officer and Ameen Ali, Chief Financial Officer, has also developed retail centers and limited-service hotels.
“No plans for the land have been confirmed, but the site could be developed as hotel, condo and/or other high-density developments,” Satya said in press release.
However, the site, 10327 Terminus San Luis Pass Road would seem to be well suited for condominium development.
Since the coronavirus pandemic hit, consumers have been driven to pursue close-to-home vacation retreats that do not involve air travel – a plus for Galveston realty.
The Galveston real estate market has been hot this summer. ”Many properties are experiencing multiple offers coming in within a short time of it being listed,” said Vincent “VJ” Tramonte, of Joe Tramonte Realty.
The Satya site is currently zoned as Resort/Recreation District, High Density Development Zone 5. “This is one of the last few sites on the West End of Galveston-that has direct beach access with this type of zoning,” Satya said.
IBC Bank provided the financing for Satya’s deal.
Satya said it has completed more than 100 projects valued at more than $500 million in and around the Greater Houston area. The company describes itself as “a commercial real estate consulting firm focused on the acquisition of prime land development of high-quality commercial property assets for retail build to suit projects and custom developments.”
A Satya partnership recently acquired the 500-acre Moran Ranch, a prime development site near Interstate 45 near Willis.
Aug. 4, 2020 Realty News Report Copyright 2020
File: Prime Galveston Site Acquired. File(2) Prime Galveston Site Acquired by Condo Developer