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$120M Beachfront Condo Project Sails Toward Groundbreaking

GALVESTON, TX-The Palisades Palms is on track to break ground in late October, bringing the first new product to the East Beach in nearly two decades. The 250-unit first phase, with prices from $225,000 to $1 million, has been three years in the making.

By Bonnie Grota | Updated on July 29, 2004

GALVESTON, TX-A $120-million, first phase to a Galveston Beach condo project is within months of a groundbreaking after three years of planning. Reservations are in hand for 115 units although pre-sales won’t officially begin until Sept. 1.

Richard Anderson, vice president of development for Houston-based Falcon Group, tells GlobeSt.com that the project should be able to break ground in late October, as planned. The developer needed to sell 50% of the 250-unit Palisades Palms at 601 Galveston Beach Dr. before construction could begin. The two-tower condo project will be the first waterfront development to rise in nearly two decades on the East Beach, according to Anderson, who says the search for construction financing is underway.

“We realized there was a lot of potential, pent-up demand for a second home down in Galveston,” says Richard Anderson, Falcon’s vice president of development. The project took root about three years ago when Falcon president Arnold Tauch ran into a waiting list after trying to rent a condo for a weekend at the beach. By December 2000, he was holding the deed to 16 acres and working on a development plan.

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