HOUSTON – (Realty News Report) – Satya, a Houston-based commercial real estate firm, has purchased one of the few remaining high-rise development parcels near the western end of the Galveston Seawall.
The 2.86-acre property sits adjacent to the Diamond Beach Resort, a condominium complex developed by residential builder Randall Davis.
Satya’s Houston development portfolio includes three mid-rise condominium projects: The Sophie, Giorgetti Houston, and The Westmore.
Founded in 1999 by Sunny Bathija, Chief Executive Officer, and Ameen Ali, Chief Financial Officer, Satya has also completed retail centers and limited-service hotels.
“No plans for the land have been confirmed, but the site could be developed as a hotel, condominiums, or other high-density uses,” Satya said in a company statement.
The address, 10327 Terminus San Luis Pass Road, appears well suited for condominium development given its location and beach access.
Since the coronavirus pandemic began, many buyers have preferred short-distance vacation options that avoid air travel, a trend that has benefited Galveston real estate.
The Galveston market has been particularly active this summer. “Many properties are experiencing multiple offers shortly after being listed,” said Vincent “VJ” Tramonte of Joe Tramonte Realty.
The property is currently zoned Resort/Recreation District, High Density Development Zone 5. “This is one of the last few sites on the West End of Galveston that has direct beach access with this type of zoning,” Satya noted.
IBC Bank provided financing for the acquisition.
Satya reports having completed more than 100 projects valued at over $500 million in and around the Greater Houston area. The company describes itself as a commercial real estate consulting and development firm focused on acquiring prime land and delivering high-quality commercial property assets for retail build-to-suit and custom developments.
A Satya partnership also recently acquired the 500-acre Moran Ranch, a major development tract near Interstate 45 in the Willis area.
Aug. 4, 2020 Realty News Report Copyright 2020
File: Prime Galveston Site Acquired
