posted on January 20, 2011 22:44
Another chunk of prime Galveston beachfront property is going on the auction block Feb. 23.
What was to be the third and fourth phases of the Palisade Palms development will be auctioned off as part of a multiparcel bankruptcy auction led by United Country — Jones Swenson Auction Marketing Inc. and Colliers International Houston.
Charles Herder, co-chairman and principal at Colliers and an agent for the seller, said that the title of the land is with Sparkleberry EB LLC. Herder will also act as auctioneer.
The auction includes 15 acres of development land along East Beach and encompasses 800 feet of Gulf of Mexico beachfront. In a rare move, the parcels will be offered in four tracts or as a whole.
Herder thinks there will be interest because investors will be able to buy a smaller section of beachfront land. The four parcels average about three-and-a-half acres.
“The amount of beachfront in Galvestion area, especially on the East Beach side, has been heavily sought after, and coincidentally has had accretion, not erosion,” he said. “The area has a lot of development potential.”
The live Houston auction starts at 2 p.m., at the Central Tower, Four Oaks Place Office Complex located at 1330 Post Oak Blvd. Pre-bids and financials are required by Feb. 16.
Houston Business Journal, 1/19/11, Christine Hall