P3 Breaks Ground on $111M Houston-Area Project
- Oct 08, 2021
McCormack Baron Salazar has celebrated the groundbreaking of The Oleanders at Broadway, a 348-unit partially affordable project in Galveston, Texas. The developer was joined by Galveston city officials along with its project partner, the Galveston Housing Authority.
The Housing Authority of the City of Galveston provided the land for the $111 million project through a 99-year unsubordinated ground lease, public records show. The local government agency also provided an $85.7 million construction loan for the project, according to Yardi Matrix data. Additional financing includes a $12 million mortgage originated by U.S. Bank.
The team behind the mixed-income development includes RPGA Design Group as architect, Block Cos. as the general contractor, JRH Engineering & Environmental Services Inc. as civil designers, Urban Design Associates as the master planner, along with Kudela & Weinheimer Landscape Architects.
After completion, McCormack Baron Management Inc. will cover property management services. The Oleanders at Broadway is expected to come online in August 2023.
The Oleanders at Broadway
The project will take shape at 5228 Broadway Avenue J and will feature one to four-bedroom apartments. Floorplans range between 694 and 1,832 square feet across five multi-story buildings and 12 townhomes.
The majority of the units (174) will be public housing replacement units, while 87 will be set aside as low-income housing tax credit units, with the same number of apartments as market rate.
The community is designed to achieve both Energy Star and Enterprise Green Communities certification. Planned amenities include a swimming pool along with green spaces such as a playground and a park.
The Oleanders at Broadway, on the former Oleander Homes site, is the third and closing stage of the mixed-income replacement project for the 569 units of public housing destroyed by Hurricane Ike in 2008. Previously, the co-developers built 144 replacement units within the city across two projects: Cedars at Carver Park and Villas on The Strand.
Elsewhere in the state, Kittle Property Group recently celebrated the grand opening of Laurel Vista, a 69-unit affordable community in Beaumont, financed through low-income housing tax credits.