New details released for luxury condominium towers planned in Bryan
A new high-rise development is being planned in Bryan.
Ram Galindo of the Galindo Group wants to bring 250 luxury condos along West Villa Maria Road near the Traditions Golf Course.
Thursday morning his company announced their plans for the future.
Innovation Condominiums will be a five-tower residential complex of luxury living, but the new condos aren't being marketed to the average homeowner.
"Instead of building a horizontal subdivision. We're building a vertical subdivision thereby reducing the number of streets, water lines, sewer lines, all that. We're preserving a lot more of nature," said Ram Galindo, Chairman and CEO of the Galindo Group.
Galindo said the luxury condos will range from one-bedrooms to penthouses. The prices will be high starting at $360,000 to $3.5 million.
In comparison, homes across the street are going for about $200,000 when KBTX looked at real estate listings, but the group is optimistic people will pay that price point.
"We already have a pretty good list of people who are interested. We think it's a very needed product here," he said.
"I don’t have any investors. I’m spending everything that I have. I’m like a drunken sailor at a port after three months at sea you know," he joked. "I’m the one who’s at risk on this and the bank, of course, is not going to give me any money unless Cherry sells 80 percent, pre-sales 80 percent of the units," said Galindo.
He plans to find customers like wealthy Aggies and people with business at Texas A&M.
"We're just going to be selling a lifestyle which is something we've never sold before but we're excited for the challenge and the future ahead of us," said Cherry Ruffino, with Coldwell Banker, Apex Realtors. She and her team are in charge of selling the units.
After the towers are built, a commercial hub is also being planned. Galindo said it will include retail and other commercials space. The actual towers will be residential.
"It's really a lifestyle that's really appealing to a lot of people," said Gary Leach, of G.T. Leach Construction. The Houston-based general contractor has experience in high-rise construction.
"We’ve built over 3,800 units in the last 21 years. Ram Galindo called me about six months ago, came to Houston. We toured him through a few of our projects and have kind of helped him through the process of getting architects hired, the teams hired," said Leach.
Galindo hopes to have a Tax Increment Reinvestment Zone or TIRZ as an economic development tool. Extra tax revenue captured could help with infrastructure and other enhancements to that area.
"The city and the county are considering that and I hope they will do that favorably. But the amount of money that the public will have to invest is minimum," Galindo said.
Groundbreaking of the first tower is expected to start in the spring.
Construction is expected to take 20 months once that happens.
Developers said the whole project could take seven to ten years to complete.
Galindo said the whole project would cost $250,000,000.