ROCKPORT, TX-A loosening of height restrictions has paved the way for Marina Park, a mixed-use development on 4.5 acres. The retail and condominium project is pegged at an all-in development tag of $50 million to $60 million.
Donald Silverman, managing partner for Dallas-based Margaux Development Co., says the acreage at the intersection of Interstate 35 Business and North Austin Street was bought one year ago. It holds an empty H-E-B grocery store. Silverman says the original plan was to rehab the 45,000-sf structure and bring in another retailer. "Then we woke up one morning and said 'why aren't we doing residential,'" he recalls.
The immediate problem was the city had a 35-foot height restriction for residential development. However, the developer worked with city council, Mayor Todd Pearson, city manager Tom Blaizek and Rockport Historical District to lift the height restriction. As a result, a new code allowing up to 75 feet in height was passed.
"We were able to come up with Rockport's own concept of New Urbanism for the Downtown area, which allowed us to propose a mid-rise mixed-use project," Silverman says. To help with the project, Margaux brought in development partner Sands Harris & Associates, which worked on Victory Park in Dallas.
"So rather than renovate the old H-E-B store, we're now in a position to do a neat mid-rise, mixed-use deal with 70,000 sf of retail and somewhere between 140 and 150 condo units," Silverman tells GlobeSt.com. He says Marina Park will be the first development project using the new height restrictions.
Silverman says he hopes to see ground break on the project by late 2007. Once under way, Marina Park should take 18 months to complete. The developer is still analyzing potential price points, but it will be a mix of primarily two- and three-bedroom units. The retail will feature galleries, restaurants and service businesses.
Within 60 days, Lisa Copeland with Harborfront Realty in Rockport will begin marketing the condos and retail space. Landry Architecture LLC of New Orleans is the project architect.
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