A new high rise development is planned at Bryan.
Ram Galindo of the Galindo Group wants to bring 250 luxury condos along West Villa Maria Road, near the Traditions Golf Course.
On Thursday morning, his company announced its plans for the future.
Innovation Condominiums will be a five-tower luxury residential complex, but the new condos are not marketed to the average homeowner.
“Instead of building a horizontal subdivision. We’re building a vertical subdivision, reducing the number of streets, water pipes, sewers, all that. We are preserving nature much more, ”said Ram Galindo, Chairman and CEO of the Galindo Group.
Galindo said luxury condos will range from one-bedroom apartments to penthouses. Prices will rise from $ 360,000 to $ 3.5 million.
In comparison, homes across the street cost around $ 200,000 when KBTX looked at the real estate listings, but the group is optimistic people will pay that price.
“We already have a pretty good list of interested people. We think this is a very needed product here,” he said.
“I don’t have any investors. I spend everything I have. I’m like a drunk sailor in a port after three months at sea you know,” he joked. “I’m the one at risk and the bank, of course, won’t give me any money unless Cherry sells 80 percent, pre-sell 80 percent of the units,” Galindo said.
He plans to find clients like the wealthy Aggies and business people at Texas A&M.
“We’re just going to sell a lifestyle that we’ve never sold before, but we’re excited about the challenge and the future ahead,” said Cherry Ruffino, Coldwell Banker, Apex Realtors. She and her team are responsible for selling the units.
Once the towers are built, a shopping center is also planned. Galindo said it will include retail and other commercial spaces. The towers themselves will be residential.
“It really is a lifestyle that a lot of people really enjoy,” said Gary Leach of GT Leach Construction. The Houston-based general contractor has experience in building skyscrapers.
“We have built over 3,800 units over the past 21 years. Ram Galindo called me about six months ago, came to Houston. We gave him a tour of a few of our projects and have him in. somehow helped throughout the process of hiring architects, the teams hired, ”said Leach.
Galindo hopes to have a Tax Increment Reinvestment Zone or TIRZ as a tool for economic development. The additional tax revenues collected could help infrastructure and other improvements in this area.
“The city and the county are looking at this and I hope they will do it favorably. But the amount of money the public will have to invest is minimum,” said Galindo.
The inauguration of the first tower is expected to begin in the spring.
Construction is expected to take 20 months once this happens.
The developers said the whole project could take seven to ten years.
Galindo said the entire project would cost $ 250,000,000.