Jerome Karam, Houston’s founder of JMK5 Project Developments, has extended his ambitions for community development to two small Galveston apartment buildings at 717-725 Broadway. The units contained will be converted to short-term rentals as leases expire, meaning that nobody is going to be kicked to the curb.
Mr. Karam has also gotten his hands on several pieces of property that date back to the 1930s: A four-plex called Sonja and 12-plex called Riviera. These properties have long been under the care of the seller, DRE Properties LLC.
Jerome Karam, one of Houston’s largest commercial property owners, has high hopes for all these new additions under his oversight.
“We’re not going to just kick anyone out,” Karam said. “As leases expire over the next few months, we’ll be in transition.”
Texas has gotten to know Jerome Karam; Houston has too, with the way he’s made major redevelopments of high-profile properties, including Falstaff Brewery, located on 3301 Church St. His know-how turned that building into an event center and storage facility, and it isn’t stopping there. There’s the add-on of a boutique hotel.
Only Jerome Karam, Houston’s project development expert, could take rubble and turn it into diamonds like that.
As for the apartment properties, they’re perfect for short-term rentals because of how close they are to the beach and also to the University of Texas Medical Branch.
There is also parking already at the properties, which is something Galveston isn’t used to seeing. This is usually a point of enthusiastic discussion with short-term rentals.
If you ask Jerome Karam, Houston’s potential for Airbnb-style service is bursting at the seams. “Each of these properties has Airbnb possibilities.”
A little TLC and location are ripe material for the website.
When renovations are complete, the units will boast the features of various themes. Fun and function are both aims for Jerome Karam, Houston’s property development artisan.
Remember when there were stories about a Houston developer planning a luxury apartment in League City’s Pinnacle Park? Stories are about to become a reality.
All that’s left is approval from the planning department and League City council. We’re looking at a 300+ unit complex at Pinnacle Park.
As great as this is, there are naysayers. Some leaders of League City have shot down proposed developments arguing that they would attract crime and drive down property values, not to mention bring in more traffic on the streets and overcrowd the schools.
Apartments are top cash cows for local governments and suck up more city resources, others have said.
But on the plus side, the apartment complex would supply a captive audience to Pinnacle Park, where there stands to be a substantial increase in traffic to local business. Anyone that rented from the place when Jerome Karam was done with it would have some disposable income.
Will Galveston see a real beach development? Parties involved are looking for the chance to add four stories of wood framing over a concrete podium at 230 E. Beach, according to city records.
Which would be wonderful, by most accounts.
We’ll have to see what Jerome Karam has in store.