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TEXAS CITY, TX-The just-announced pending sale of 287 acres of waterfront property has created speculation in the area as to what, exactly, that property will become.

American International Industries Inc. of Kemah, TX, and Phoenix-based Cardon Group have mutually agreed to cancel a $14.5-million sale, allowing the seller to replace the contract with a $16-million offer from Houston-based Lakeland Partners Fund Number III. In a press release, American International Industries says the deal is scheduled to close within 180 days in the office of Texas American Title Co. in Houston.

The pending sale, which is well above the $815,410 assessment, has raised some questions about the plot’s future. “This could go in any direction,” Don Gartman, president of the Galveston County Economic Alliance, tells GlobeSt.com. “It could either become a commercial industrial site or a prime residential area complete with big-box retail development. I’m pretty sure the new owners would let it go either way.”

According to the seller’s announcement, the property is located along Dickinson Road on Galveston Bay. The release also indicated the Houston offices of McDade Smith Gould Johnston Mason & Co. CB Richard Ellis Inc. had helped broker the transaction, but neither company could confirm their involvement. Additionally, the seller declined to comment on the land sale.

Lakeland Partners, with other holdings in the immediate area, is in the midst of due diligence. But, buyer and seller “are optimistic regarding the final closing of this transaction,” the release states.

Though few in the area were aware that the land was even on the market until recently, Gartman says he isn’t surprised a developer like Lakeland would be paying attention to it. “That’s an area of Texas City that is considered a site for future development,” he says. “A lot of people are seeing this area growing.”

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