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Melissa ONeill @
Sunday, January 23, 2011 6:27 PM |
Fifteen acres of prime East Beach development land is hitting the auction block on Wednesday, February 23 during a multi-parcel bankruptcy auction. This property, which will be offered in four tracts or as a whole, is located adjacent to the Palisade Palms condominiums and encompasses 800 feet of Gulf of Mexico beachfront land.
Originally slated for use as phases III & IV of the Palisade Palms development, this property garners the majority of Galveston Island’s remaining beachfront land available for direct, on-the-beach commercial or multi-story development and is located in the island’s only zone experiencing beach growth, as a result of accreting sand deposits. Through the creation of a tax increment reinvestment zone to facilitate utilities and services and a management district through the state legislature to assure a controlled and maintained development environment, the former developer has ensured that the property has the proper governmental land entitlements.
Conducted by Scott Swenson, President and Chief Auctioneer of United Country – Jones Swenson Auction Marketing in conjunction with Colliers International Houston, the live auction will take place on Wednesday, February 23 at 2:00 p.m., at the Central Tower, Four Oaks Place Office Complex located at 1330 Post Oak Blvd., Houston, Texas. Pre-bids and financials are required by February 16.
“This auction truly is a rare opportunity for investors to name their price on some of Galveston’s best beachfront development land. The future potential of this property is immeasurable,” said Swenson.
Property details, photos and terms and conditions can be found at http://www.AuctionGalveston.com. United Country – Jones Swenson Auction Marketing can be contacted at 512-261-3838 for questions regarding bidding procedures and terms of sale. For question regarding the real estate, contact Charles H. Herder with Colliers International Houston at 713-830-2100. |
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Houston Business Journal - by Christine Hall @
Sunday, January 23, 2011 6:30 PM |
Another chunk of prime Galveston beachfront property is going on the auction block Feb. 23.
What was to be the third and fourth phases of the Palisade Palms development will be auctioned off as part of a multiparcel bankruptcy auction led by United Country — Jones Swenson Auction Marketing Inc. and Colliers International Houston.
Charles Herder, co-chairman and principal at Colliers and an agent for the seller, said that the title of the land is with Sparkleberry EB LLC. Herder will also act as auctioneer.
Herder thinks there will be interest because investors will be able to buy a smaller section of beachfront land. The four parcels average about three-and-a-half acres.
“The amount of beachfront in Galvestion area, especially on the East Beach side, has been heavily sought after, and coincidentally has had accretion, not erosion,” he said. “The area has a lot of development potential.”
The live Houston auction starts at 2 p.m., at the Central Tower, Four Oaks Place Office Complex located at 1330 Post Oak Blvd. Pre-bids and financials are required by Feb. 16. |
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