Crews are expected early next month to begin work on a $28 million luxury apartment complex in the massive Lago Mar development.
The 230-unit complex, called Catalon at Lago Mar, is considered to be a “Class A” property, rare for Texas City.
Work is expected to begin Feb. 1. on the apartment complex, 6130 Lago Mar Blvd., on land between Tanger Outlets and Buc-ee’s.
Class A apartments generally have been built within the past 15 years, cater to high-income tenants and have low vacancy rates.
Houston-based the M Group Cos. is the developer.
“Most of the comparable products are four or five miles north, up toward League City,” M Group Cos. founder Mark Musemeche said. “This market doesn’t have anything like this.”
The complex, which will feature stainless steel appliances, granite countertops and Wi-Fi, a fitness center, pool and other amenities, is part of a much larger development known as Lago Mar.
Lago Mar is on land east and west of Interstate 45. Developer Houston-based Land Tejas Cos. owns 2,033 acres on the west side. Two companies not affiliated with Land Tejas own another 1,300 acres on the east side of I-45.
The Lago Mar development was conceived and announced about 10 years ago. But like so many other residential developments, the project was delayed by a nationwide real estate swoon that began in 2007.
But late last year, Land Tejas said builders would begin pre-sales of single-family homes in February, with construction of four model homes to begin the same month. Pricing will be from the $200,000s.
Phase 1 of the 2,033-acre Lago Mar development will include 170 home sites. When built out, the entire development will have about 4,500 homes, officials say.
Construction activity south of Tanger Outlets is the early work for the single-family residential phase of the long awaited Lago Mar. Crews since late last year have been working on infrastructure and preparing land for houses, but no rooftops have risen.
Commercial projects in the development include the 350,000-square-foot Tanger Outlets and the 60,000-square-foot Buc-ee’s mega convenience store and gas station. Developers also are preparing land within the development for a theme park called Adventure Pointe on 35 acres.
The theme park is expected to include vintage trains, an “iceless” skating rink, zip lines, go-carts, amphitheater and a 60-room hotel owned and operated by an established chain, not the park.
Jobs will come with all the growth and commercial development, and those people will need places to live, Musemeche said.
With the rapid rise of new medical facilities on the mainland, expansion of retail in the area and petrochemical growth, Musemeche doesn’t expect there to be a problem quickly filling units at Catalon, he said.
The complex also is expected to attract people who work in Galveston but want to live on the mainland, he said.
Construction of Catalon at Lago Mar is expected to be complete in the first quarter of 2017.