|
 Jewel
on the Lake
A Real Estate Dream
Garson Silvers is literally betting the farm on a project he hopes will
turn what is now the El Lago Marina into an upscale hotel and condominium
high-rise like nothing the Houston Bay Area has ever seen.
Standing on a dock at the El Lago Marina beneath the scorching summer sun,
overlooking a pile of abandoned boats scarred by scavengers, Silvers told
the press about his plans for the luxury high-rise that is his dream.
"This is truly a gem in the rough," Silvers said. "It will be the jewel of
the lake when I'm done." Over the sound of one of the many sump pumps
working to keep the waters of Clear Lake at bay, Silvers explained his
hopes to turn the old marina into a multi-high rise, mixed-use
development, consisting of three connected tall buildings; 83 feet, 167
feet, and the highest at 275 feet, or 33 stories. The Nassau Bay Hilton is
14 stories high.
Silvers said he has mortgaged his farm in Tomball as well as exhausted
every other financial option available to him to buy the property located
at 4321 NASA Parkway. Silvers is a Real estate broker in Beverly Hills CA,
and Houston TX.
He's no stranger to real estate, having been in the business since he was
18.
After years of working with developers, Silvers decided he was ready to
venture out on his own. When the property in El Lago became available, he
went for it, and with the support of his wife and family, he began the
pursuit of his dream.
Silvers said the 83-foot-high building will be a 44-room "high-end
boutique hotel" that will offer patrons a "romantic" lakeside destination.
He will talk about it and the two larger towers that will house 144
upscale condominiums, ranging in size from one-bedroom, 1,400 square feet
to three bedroom, 2,300 square feet, at a town meeting Aug. 11 at 6:30
p.m.
The lower level will house 10,000 square feet of retail space; possibly a
spa, a restaurant, and specialty boutiques, he said.
$84 million price tag
Silvers said his current estimates have the entire project costing around
$84 million, including interest, taxes, insurance, permits, etc. With boat
slips, hotel suites and retail, he is hoping the property will be worth
close to $100 million when it is finished.
He plans to sell the condos at an average price of $275 per square foot -
around $250 for the smallest and up to as much as $350 per square foot for
the "upper end units."
Condominiums of this caliber will be a first for the Bay Area, but Silvers
believes the water front location, his plans for covered boat slips
beneath the building for residents, and Houston's trend toward high-rise
living will make his endeavor successful.
Ahead of its time
Nancy Chen of Coldwell Banker Pennington Chen Real Estate said her
family's agency abandoned plans to build a high-rise in South Shore
Harbour a few years ago because there wasn't enough demand for such a
product. She said the cost per square foot - about $200 - was ahead of its
time for the Bay Area.
"We found a considerable amount of interest, but not enough to feel
comfortable with going forward and breaking ground," Chen said.
"I think there is a fairly large market for people who would love a
glimpse of the water, but (then) they were saying, couldn't you chop it in
half and sell it for half as much?"
Like Silvers, the Chens wanted to build upscale condominiums, and were not
willing to compromise in order to cut costs. Instead they decided to
cancel their plans. "Maybe someday, was our attitude," she said.
Sites becoming scarce
Maybe that someday is now for Silvers. Chen pointed out that waterfront
locations around Clear Lake are becoming more and more scarce, and the
population more dense. She said an upscale product like the one Silvers
would like to build could help the Bay Area, especially El Lago.
"It's a beautiful piece of property if it's developed properly," said
Silvers. He thinks the development will add value to El Lago, increasing
the city's tax income by as much as 50 percent.
Before Silvers can break ground, he needs a height variance from the City
of El Lago. He has already obtained a variance from the Board of
Adjustments to build up to 185 feet, but with the expense of engineering
the property to ready it for construction - $1 million to $1.5 million -
he said it doesn't make sense to build that small.
Mayor has concerns
Taylor Lake Village Mayor Natalie O'Neill said she has some concerns about
Silvers plan that her constituents share, mainly (1) That the waste water
be sent to a regional plant with round the clock monitoring and not a
package plant, (2) That the city of El Lago "does its homework" on the
infrastructure needed to withstand hurricanes and floods.
She said she doesn't want to see the project go bankrupt and be abandoned
midway through construction. Finally, she said they want to be sure (3)
the project is designed with aesthetics in mind. "I'm not opposed to
growth. I just want it to be smart growth," O'Neill said.
Can't offer an opinion
El Lago Mayor Brad Emel was contacted, but said neither he nor any member
of City Council can offer an opinion on the subject until the council
hears the Planning & Zoning Board's recommendations, which he doesn't
expect to happen until September or October.
The city planned to hold a public hearing on Monday night, July 26, for
residents' input.
Silvers said he is conscious of all of these issues and has considered
them in the planning process. He has already had discussions with the city
of Pasadena, which he said appears willing to run additional water and
sewer lines to his property, in conjunction with another proposed
development on Kirby Road.
Might solve dilemma
This could inadvertently solve another dilemma for Taylor Lake Village,
which has opposed the development of a 14-acre tract of land on Kirby Road
because the land owner was considering putting a package waste water plant
on the property. If Silvers builds his high-rise, Pasadena could justify
the expense of running the extra lines to service both properties, Silvers
said.
With reference to funding, Silvers said that even if he does get the
necessary variances, he must be able to pass what he calls the "true-test"
before construction can begin.
"Before I can get the financing I have to have 50 percent pre-sales. If I
can't get that, I'll never get the funding," Silvers said. He added that
his lender has agreed to finance him 100 percent if he is able to pre-sell
70 percent of the condominiums.
By targeting the right market, namely active seniors, boat owners, and
others who want low-maintenance, water-front living, Silvers believes he
has a recipe for success.
"I'm fairly confident I can sell 144 units in a building on the water," he
said.
Silvers, who calls himself an environmentalist and drives a hybrid car,
said he wants to build a beautiful, upscale destination in El Lago, and
has even offered to clean up the small stretch of land on the other side
of NASA Parkway, making it more of a park area.
He said his project will improve the property's ability to withstand
storms and flooding, and will be "both socially and environmentally sound.
I want it to be good for the neighborhood."
Silvers said he has even incorporated the marina's current tenants, Mars
Marine and Willie's Boat Bottoms, into the plan. He view's having boat
service operations on the property as an asset.
"I want to make this my home. This is my dream. I'm trying to realize it,"
Silvers said.
This article published in
July 28, 2004
The Citizen, Houston newspaper |
