X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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.