X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Federal bankruptcy Judge Letitia Clark has approved a motion for the sale of the former Galvez Mall, situated on 30 acres, opening the door for a major retail redevelopment on Galveston Island.

The island is located less than an hour’s drive southeast of Downtown Houston. The mall had closed in 1996. The ruling clears the way for Island Realty to tear down the mall along Interstate 45 and 61st Street and develop a 300,000-sf power center with a home improvement store and other big-box retailers. Island Realty is owned by Houstonian Randy Hall and Dallas businessman Tod Ruble.

Ruble is the founder of Cambria Acquisition, which now plans to buy the property from Houston-based Galtex Property Investors Inc. The closing is scheduled for Nov. 28. Galtex had filed for Chapter 11 bankruptcy protection in September.

The Galvez Mall began deteriorating in the early 1990s when Sears relocated to the Mall of the Mainland near Texas City. The mall’s shrinking customer base had caused a number of retailers to seek more profitable locations.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.