(Read more on the multifamily market.)
BOLIVAR PENINSULA, TX-Dallas-based investment partners ProvidentRealty Advisors and PNL Cos. have started entitlement work on oneof the largest undeveloped tracts on the Texas coast. The partnerscontrol 2,700 acres with three miles of Gulf of Mexico beachfrontage and one mile of intracoastal canal.
Jay Hawes, partner for Provident Realty, predicts theentitlement process will take two years to complete. He tellsGlobeSt.com that infrastructure work on the Galveston County land,of which roughly 600 acres are developable, most likely won't getunder way until 2010. The balance of the land will remain wetlandsfor the 20-mile island.
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