Homebuilder bets on Rio Grande Valley with $85M development

South Texas homebuilder Esperanza Homes has begun work on 5- to 6-year project in Harlingen

Nick Rhodes of Esperanza Homes along with a rendering of Paso Real (Esperanza Homes, iStock)
Nick Rhodes of Esperanza Homes along with a rendering of Paso Real (Esperanza Homes, iStock)

Esperanza Homes is bringing hundreds of houses, an apartment complex and thousands of feet of shopping space to the small town of Harlingen, Texas near the Mexican border.

South Texas builder Esperanza is behind the mixed-use Paso Real development, according to the Valley Central Local News. The company deals solely in the southern tip of Texas, called the Rio Grande Valley, that includes the submarkets of McAllen, Mission, Edinburg and Brownsville.

The $85 million development will include 212 homes and more than 8,000 square feet of commercial real estate, CEO Nick Rhodes told the news station. The project, which will be at the intersection of Haine Drive and FM 509, also known as Paso Real, is near the IDEA San Benito campus and will take five to six years to complete, according to Rhodes.

“We’ll have homes from the $190s, which will enable the schoolteacher, cop, firefighter, nurse to be able to qualify for a mortgage and buy a home,” he said. He added that the development will also include four acres of parks and green space, a basketball court, a covered pavilion entrance, plus hiking and bike trails.

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“We’re also going to have fiber to the home internet community to every house, as well as smart home enabled homes, and monitored security,” Rhodes said.

The eastside of Harlingen has seen significant growth in recent years with the 32,570 square foot, two-story Institute of Neuroscience at the University of Texas Rio Grande Valley School of Medicine and the UTRGV Harlingen Collegiate High School.

“This area of Harlingen has the 80-acre UTRGV medical facility right near the Valley Baptist hospital, the IDEA San Benito catty corner, as well as close to the expressway and a lot of new energy and development on this side of town,” Rhodes said about the region.

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[Valley Central] — Maddy Sperling