February 18, 2004

Galveston Tax Increment Reinvestment Zone 13

The board of directors of Galveston Tax Increment Reinvestment Zone 13, the Beachtown Galveston development, met today to approve a development agreement between Calsaro Grand Beach Ltd. and Calsaro Grand Beach Two, Ltd., and the zone.

The project is for a master planned community, consisting of approximately 40,000 square feet of retail space, 306 single-family housing units, 200 multi-family housing units, 250 retirement housing units and a 150 room hotel on Galveston's East Beach. 

Developer Tofigh Shirazi said the plans for the project are being reviewed by city staff.

"We are hoping within the next 30 days to get the approval done and go out for the bids," Shirazi said.

The first phase of the project will be to construct residences east of the Galvestonian, in an area that will be known as Beachtown Square.

Shirazi said the first phase will take about four months to construct.

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