Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TEXAS CITY, TX-Todd Land Co. has extended its purchase option for a 287-acre as it chases permits for a mixed-use development. The site has been under contract since November 2005.

Earlier this year, Todd Land Co., a subsidiary of Houston-based Westfield Forest LP, got the acquisition rights from Lakeland Partners III, also from Houston, which had agreed to pay $16 million to American International Industries Inc. for the land. The site, fronting Galveston Bay and Dickinson Bayou, is a prime candidate for townhouses, retail, hotel and amphitheater.

An SEC filing by American International Industries of Kemah, TX says the development requires permits from various governmental agencies, which the developer believed could be obtained fairly quickly. According to a press release from the seller, the sales price remains the same, but there is no specific closing date. Representatives from American International and Todd Land did not return calls by deadline.

According to its press release, American International Industries has been carrying the land on its books at a historic cost basis of $225,000. It has in excess of $12 million in tax loss carry forward, which will be used to substantially reduce any taxable income from the sale.

Don Gartman, president of the Galveston County Economic Alliance, tells GlobeSt.com that a slowdown in Galveston County could have been one reason why the sale hasn’t proceeded as quickly as originally thought. “Two years ago there were a lot of projects planned, and experts predicted a big rush into this area,” he adds. “But given the slowdown, a lot of those projects have been shifted or postponed. This might be one of those.”

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?


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

Get More Information

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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

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