The founder of Houston’s Green Bank is gearing up for a homegrown development along Texas’ shorelines.
Manny Mehos has purchased a 70-acre tract from Marquette Cos. with plans to build a residential beachside community in Galveston, where he was born and raised, the Houston Business Journal reported.
The tract was going to be part of Marquette’s the Preserve at West Beach, a roughly 1,000-acre mixed-use development between 8 Mile and 11 Mile roads on both sides of FM 3005. The Chicago-area firm has since sold most of the parcels, and Mehos wanted to get in on the action.
“I felt like it’s time for Galveston (to have) another beach development, but … I wanted to do something different,” he told the outlet. “We wanted to build a fully active community with amenities, with everything (residents) need if they wanted to work from home for an entire summer.”
Mehos’ community, called Roseate Beach, will include 172 homesites, with 22 of them being beachfront properties. Lot sizes will range from 42 to 75 feet wide, and residents will have a list of recommended builders to choose from. Mehos’ company, Green East Realty, is spearheading the project, while Memphis-based architecture firm LRK handles design duties.
Construction is expected to start by the end of the year, and the first lots could be delivered by next summer. Amenities will include a resort-style pool, clubhouse, pickleball courts, a fitness center, offices and a trail system with boardwalks and seating area. The site could also feature 50,000 square feet of retail space on both sides of Pabst Road, the outlet said.
While pricing has not been determined, beachfront lots in the area typically range from $850,000 to over $1million. However, it’s likely that Roseate Beach lots will be priced higher than that given the amenities on site, Mehos said.
—Quinn Donoghue
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