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Arizona Developer Acquires Galleria Tract

HOUSTON-Great Western Land and Recreation, scouting for more Texas sites, pays $30 per sf to $35 per sf for a half-acre site along Dolores Street. Work gets under way in May on nine three-story townhouses.

By Jennifer D. Duell | Updated on March 17, 2005

HOUSTON-Great Western Land and Recreation Inc. has claimed a half an acre in the Galleria submarket, where it plans to develop nine three-story condos. The tract has brought $600,000 to $700,000 for the seller, a group of foreign investors.

The Scottsdale, AZ-based developer’s first project in Houston fronts Dolores Street near its junction with Chimney Rock Road. “There is not a lot of land left in the Galleria,” says David Weber, Great Western’s president and COO, “and there is a lot of demand for this type of housing.” He tells GlobeSt.com that similar land sells for roughly $30 per sf, but can reach as high as $35 per sf.

Great Western will break ground nine townhouses in May. The three-story units, each 2,800 sf, will have three bedrooms, two-car garages, third-floor balconies and high-end finish-outs. Weber says the units, priced at $300,000 to $400,000, will deliver before the year ends.

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