EL LAGO, TX-A once thriving condominium project on Clear Lake is now a piece of land on the market. The Landing, a former 144-unit master-planned condo development is now on the block for at a $7.3 million asking price.

Bruce Jester with the Henry S. Miller Brokerage-Greater Houston Office tells GlobeSt.com that The Landing at 4445 NASA Pkwy. had been a home to many condo owners for many years before September, 2008, when Hurricane Ike came ashore and completely destroyed the property. Afterward, “the owners got together, hired a company to take everything off completely. They dug down and took away the wires and the pipes, redid the land, turned it over and hydromulched it,” Jester says. Following that process, the owners decided that the best thing to do would be to sell the property.

Jester says the property is zoned for a highrise development that can go as high as 250 feet. Furthermore, this is a high-density zoning of up to 40 units per acre. Additionally, the property is very close to NASA and has a great view of Clear Lake. “NASA just announced it got the contract for the new deep space rocket project, which will bring more people into the area,” Jester says. “But there isn’t a whole host of places for people to go.”

As of now, Jester says there is no deadline on a call for offers. Plus he’s realistic – development activity remains sluggish and loans are still difficult to come by. However, “this is shovel-ready for development,” he remarks. “All it requires is someone to come in, lay it out and start building.”