Galveston is poised for economic growth and expansion on several fronts. With a proven track record for resiliency, the city has continued to see investments across the island touching all geographic and economic clusters.
As illustrated in the 2013 Developer Profile magazine, a publication of the Galveston Economic Development Partnership (GEDP), more than $2 billion in investment is currently in process across the island. The area is seeing new investment in both public and private sector ventures.
Retail, commercial, residential, industrial and institutional projects continue moving forward at an accelerated pace.
Education & Healthcare
As home to the University of Texas Medical Branch at Galveston (UTMB), Texas A&M University at Galveston (TAMUG), Galveston College, Texas A&M Engineering Extension Service (TEEX) Center for Marine Training and Safety, the Galveston Independent School District and several other private schools and charter schools, Galveston Island has a strong education sector. These institutions are each making investments, which points to an enhanced and superior environment for education and healthcare services.
For example, UTMB is currently constructing the new Jennie Sealy Hospital, a $438 million facility with 310 patient rooms, 58 intensive care unit beds and 20 state-of-the-art operating rooms. The hospital is expected to open in 2016.
Elsewhere, to accommodate its growing student population, Texas A&M at Galveston is investing more than $100 million expansion and renovation of its campus. The 110,000-square-foot Ocean and Coastal Studies building was competed in 2012 and houses the largest and best-equipped marine research facility.
The university will also break ground shortly on a $45 million, 600-bed dormitory to house the Corp of Cadets.
Galveston College has recently completed construction of the Charlie Thomas Family Applied Technology Center to assist with the demand for middle-skilled professionals. Programs such as welding, HVAC, electronics technology, cosmetology and medical office administration are all offered at the new facility.
Retail & Commercial
Galveston Island is home to some of the country’s most prized historic buildings and residences. Of note are a number of adaptive reuse projects through which historical buildings are being renovated and repurposed for retail and commercial activities.
In the downtown area, Mitchell Historic Properties leads the pack in the renovation of historic properties. The company most recently purchased the once-eyesore Hendley Building and will renovate the property into a 29,000-square-foot retail, residential and office complex.
Furthermore, the conversion to multifamily of the historic Medical Arts Building and 2101 Church will positively change the face of the blocks those structures occupied.
Tourism
Galveston continues to fulfill its vision of becoming a year-round, family-oriented tourism destination. Along the Seawall Corridor, the $60 million Galveston Island Historic Pleasure Pier and Galveston Island Convention Center at the San Luis Resort are two great examples of development.
Also, the airport area boasts the Moody Gardens complex (hotel, convention center, Pyramid attractions and more), as well as the Schlitterbahn Galveston Island Water Park.
Plus, construction is in full swing on Sea Scout Base Galveston. This five-story, 60,000-square-foot complex is set to open sometime this year and will include lodging, classrooms, offices and a cafeteria. A ship-shaped chapel, large pool and floating two-story classroom will also be included on the property.
The facility will offer week-long marine adventures for groups of 200 to 300 scouts. The completed project, boats and operating endowment will be close to $100 million.
Maritime Industry
Geographically, logistically and strategically located on the Gulf of Mexico, Galveston is benefitting from the planned expansion of the Panama Canal and the growth of deep-water oil and gas drilling and exploration in the western Gulf of Mexico. Anchored by the Port of Galveston, Galveston has seen investments including expansion of the Port’s cruise terminals, multiple expansions by companies focused on offshore oil and gas activities and cargo handling improvements ranging from refrigerated warehousing to roll-on/roll-off capabilities.
This sector has been prioritized and recognized by the city as one that is positioned for even greater development in the near future.
Conclusion
An island community within 45 minutes of Houston, Galveston offers a unique lifestyle and corporate location option for those wanting to be a part of this region’s continued growth and vitality. Long known as a premiere destination for second homes and vacation rentals, Galveston’s real estate market continues to see growth in the number and value of properties being transacted.
— By Michele Hay, Director of Communications, Galveston Economic Development Partnership. This article first appeared in the June issue of Texas Real Estate Business magazine.