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SOUTH PADRE ISLAND, TX-CG Financial Group LP is ready to launch its second project in two months on the island, marking the calendar for a late summer start on a $5-million residential development.

The Brownsville developer’s newest proposal is the 20-unit Cottages at South Padre Island. “This is going to require only a six-month build-out so we’ll likely skip the presales and go straight to reservations,” Adrian Gracia, CG Financial’s founder and CEO, tells GlobeSt.com. He adds that the “Cottages,” which will be built between Ling and Marlin streets and Gulf and Padre boulevards, will come to market for $210 per sf to $225 per sf. The units will range from 900 sf to 1,300 sf.

In recent months, CG Financial started construction on a $35-million high rise with 99 condos at 150 S. Padre Blvd. “This is a different project from Inspire,” Gracia says, adding that the market, which is about a mile to the north, is different as well. Inspire is targeted specifically to baby boomers, but the Cottages are aimed at second-home buyers for investment or personal use. “It’ll be a good place for the snowbirds and winter Texans who simply don’t want to spend that time in the cold,” he says.

Local architect Sanford Knowles designed the Cottages. Tom Goodman of Goodman Associates, also from South Padre Island, is marketing the units. The general contractor has yet to be picked.

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