Galveston is finally getting its first condo building in 15 years.
After three years of delays, Houston-based developer Satya Inc. is preparing to break ground on Tiara on the Beach, a highly anticipated condominium development on Galveston’s west end, the Houston Business Journal reported.
The groundbreaking, which was first reported by The Galveston Daily News, will take place on Dec. 6 at 10525 San Luis Pass Road.
Satya purchased the property in 2020. The firm planned to start construction in 2022, but the project was delayed due to permitting required by the city of Galveston as well as the Federal Emergency Management Agency and the Federal Aviation Administration.
The International Bank of Commerce based in Laredo provided a $100 million loan for the condo building earlier this year.
The $130 million project will include a 10-story tower with 63 units. Prices for the one- to three-bedroom condos are expected to range from $1.2 million and $3.5 million. Amenities include a negative-edge pool, a fitness center with a yoga studio, a pickleball court and private access to 300 feet of beachfront.
Nan and Company Properties, a Houston-based affiliate of Christie’s International Real Estate, will oversee sales, which started in 2022.
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Galveston’s west end has seen a surge in development activity after the initial announcement of the Tiara. New projects include an 80-unit tower adjacent to Tiara and a $250 million mixed-use beachside development.
Satya is an investor in condo projects throughout Houston, including The Sophie on Bayou Bend, The Giorgetti and The Westmore. In addition, the developer is laying the groundwork for the St. Regis Residences Houston, a 37-story luxury condo tower, slated to break ground in late 2025.
— Andrew Terrell