Seabrook Town Centre will include a 320-unit apartment complex and 28,500 square feet of retail, restaurants and offices.<\/p>\n
SEABROOK, Texas \u2014 More than three years after initially expected, construction finally began this month on a 19.5-acre mixed-use development in Seabrook on Galveston Bay.<\/p>\n
Seabrook Town Centre will include a 320-unit apartment complex and 28,500 square feet of retail, restaurants and offices, giving the small waterfront town a true urban core.<\/p>\n
Houston-based HS Development Group first announced the project<\/a> after acquiring the property from Santa Barbara, California-based Pacific Ridge in July 2022.<\/p>\n But then development financing became a challenge.<\/p>\n \u201cInterest rates skyrocketed, almost doubled, and the debt and equity markets just froze in our industry,\u201d HS COO Steve Helm said. \u201cSo we couldn’t get the project financed until recently.\u201d<\/p>\n The financial situation improved in the second half of last year, and banks came back into the market, he said. HS brought in Dallas-based NHK Real Estate Investments as its equity partner. Houston-based First Horizon Bank provided construction financing for the roughly $85 million project.<\/p>\n