The freshly closed land sale from the San Gabriel Partners should take Water's Edge to 300 units come spring 2002. The award-winning developer has 180 units done, is working on 150 units that will deliver in late summer and is plotting an extra 70. About half of the 24-building complex fronts the picturesque San Gabriel River, owner Larry Peel tells GlobeSt.com. "It's some of the finest land I've ever built on," he says. Dan Listrom of First Regional Properties has handled the land sale.
The developer is planning to break ground on the addition within 60 days, which upon completion will cap his work at Water's Edge. And it will be a continuation of the design by Chiles Architects of Austin, with Peel as usual acting as the general contractor.
Peel started building Water's Edge about three years ago. With Water's Edge headed toward the final stage, Peel already is lining up his next deal in that area. He tells GlobeSt.com that he is in talks for another parcel not far away to construct a 50-unit luxury condo project. That land too will come from the San Gabriel Partners, owned by Don Martin and Bill Smalling. Peel is hoping to kick off the condo project in late summer, eyeing a spring 2002 delivery for the as-yet-unnamed project as well.
Peel's projects are situated in the 54-acre mixed-use San Gabriel Village, which kicked off three years ago. Its commercial tenants include Applebee's, Chili's, Luby's, Holiday Inn Express and the San Gabriel Village Place 1 office project.
Peel also is the developer of Water's Edge at the intersection of Preston Road and Spring Creek in Dallas and an upscale project in Clear Lake on the outskirts of Houston. He holds a leading industry award for the best garden apartment complex in America, having copped that honor in 1994 for Austin's Hard Rock Canyon complex.
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