SOUTH PADRE ISLAND, TX-CG Financial Group LP plans to increase its multifamily footprint on South Padre, penciling an August groundbreaking for the 99-unit Inspire. The $35-million condo project will rise on two acres within two blocks of the causeway.
The Brownsville developer estimates it will take a year to 14 months to complete the 13-story project at 150 S. Padre Blvd. The Inspire is following in the footsteps of CG Financial's other island condominium project, the $5-million, 20-unit Cottages at South Padre Island, which currently is under construction.
"Inspire is a different type of product," says Adrian Gracia, CG Financial's founder and CEO. "The Cottages is a three-story project and construction. Inspire is a high rise."
In addition, Inspire's location on the island is a good one, Gracia says. "One of the things I really like about this project is its proximity on the Island," he adds. "It's two blocks from the causeway to the mainland."
The condos will average 975 sf, with penthouses measuring 1,300 sf. Gracia says the units will go from $350,000 to $900,000 and target Baby Boomers. "The Baby Boomer demographic is a good one," he tells GlobeSt.com. "Plus the island is just now being discovered and, compared to other beach resorts, land is relatively inexpensive."
Gracia, in fact, is looking for more development opportunities in the area although he doesn't have anything else under contract at this time. "I think this is a great market with a lot of great potential," he adds.
A. Epstein & Sons International Inc. of Chicago designed the Inspire. Personette & Associates of Houston is overseeing the marketing. A general contractor has not been selected.
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