Jerome Karam: Changing Development in the Greater Houston Area

New projects are popping up all around the Houston area, as the city continues to grow at an accelerated pace. Plenty of new developments have already been announced for 2021 and beyond. With so many companies specializing in brand new residential and commercial real estate properties, redevelopment projects can be a great change of pace.

Some of the projects currently under redevelopment have more fanfare behind them than others. This is a look at four huge projects ready to instantly impact different areas of Greater Houston.

Bayou Bend Estates

The Bayou Bend Estates will be a 47-family community with waterfront property. Located in Dickinson, it is a place that can be used as a getaway area or a permanent location. There is plenty of space for future residents, as there are some lot sizes that are 1 acre. The goal is to keep them affordably priced enough for many different types of people to consider this unique type of setup. JMK5 Holdings, the company behind the redevelopment, knows that some will have the chance to live in Dickinson full-time, while others will make this a second-home opportunity.

Falstaff Hotel

At one point, this location was known as the Falstaff Brewery. It is now one of the largest real estate projects for Karam at this time. Originally built in 1895 by the Galveston Brewing Company, Falstaff acquired it in 1950. It became one of the largest breweries in the nation and employed hundreds of people.

Fast forward to 2015, and Falstaff’s headquarters were well gone. JMK5 Holdings purchased the property and instantly had a variety of plans that seemed fitting. Ultimately, the team behind the redevelopment decided on making it a multi-use location. The rooftop will be for private get-togethers such as weddings and offer a unique look to the surrounding area. Inside, the four stories will be a climate-controlled space for all types of storage. Finally, the 110 rooms leftover create a unique hotel that will provide visitors with a comfortable, luxurious stay. Keeping Falstaff as part of the name was important for the community, as the Falstaff Hotel will definitely be an eye-catcher once completed.

Galveston Bay Club

Back in 2014, this property purchased on 11 Mile Road went up for sale. The residential project has been under redevelopment for quite a while, and new families in the Galveston area will get a chance to face Eckert Bayou.

Part of the appeal of this project is that residents can go to and from their homes by boat. This unique type of setup gives people a feeling that it is truly one of a kind. A total of 18 lots will be located in the area, making it highly exclusive.

World Gym Houston

Most people who have lived in the Houston area know this was once home to the Cossaboom Family YMCA. In 2018, JMK5 Holdings purchased the property and had the vision to repurpose this building in a unique way. It is an icon in the community, so keeping some type of fitness involved was a must. A 5-Story World Gym Houston fitness center will take over part of the building, while there will be a self-storage facility on location as well.

Why Redevelopment Makes A Difference

Jerome Karam is a real estate developer in the greater Houston area who has always focused on redevelopment over everything else. As the founder and operator of JMK5 Holdings, LLC, the company has always waited for unique opportunities with a certain look and location.

Redevelopment is a huge focus for not only Karam but other developers around the world. For starters, the general public usually enjoys seeing a building redeveloped rather than completely torn down. Having pride in a community and older buildings is a great way to stay connected with the masses. 

Redevelopment is also an affordable solution in most cases. With less money spent on the redevelopment process, savings can be passed along in other ways. The unique look and locations are also nearly impossible to beat. To build newer construction in Houston, most have to go far away from the action. Redeveloping older buildings allows prime locations to flourish once again.

What is next for Houston and Redevelopment?

Redevelopers have big plans for the greater Houston area. Visionaries like Karam are always on the lookout for the next redevelopment opportunity that makes sense. They are constantly scoping out new properties when available. Some current projects are still in the very early stages, and developers will make announcements once everything is cleared and ready to go.

Many in Houston see these types of developers as something more than just another person looking to capitalize on a growing market. This type of unique approach to using existing buildings and properties as often as possible shows that they have a soft spot for the rich history in the area. Ultimately, it endears them to many people in all corners of the growing Houston metropolitan area.