Biz Buzz hotel site

A developer plans to build a 62-room hotel at 2311 Ave. P 1/2 to rise on a lot occupied by a vacant bar and auto repair shop. The hotel still is in the early stages, and its developer is working to overcome island land development regulations.

Alternative banking: A group of investors has acquired a 70-acred tract in Lago Mar that it will eventually sell to developer Land Tejas as part of an unconventional business practice called land banking.

CBA Land Capital late last month announced CBA Strategic Fund I LP acquired 70 acres of undeveloped land in the Lago Mar community under a long-term land bank agreement with developer Land Tejas. Neither party is disclosing financial terms of the transaction.

Laura Elder: 409-683-5248; laura.elder@galvnews.com

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