Land deal reached to develop west end of Galveston

September 6, 2012 8:55:44 AM PDT
The Texas School Land Board has finalized a limited partnership that could mean development of nearly 1,100 acres of pastureland in west Galveston.

The Galveston County Daily News reported Thursday that the deal with the Marquette Cos. revives a potential housing, golf course and hotel project.

The Galveston City Council in 2007 approved the development plans. Hurricane Ike hit Galveston the following year at a time when real estate nationwide faced economic challenges.

The School Land Board, overseen by the Texas General Land Office, last October announced it would pay Marquette Land Investments $10 million for the tract and a partnership on development. The land board Wednesday announced the finalized deal with Marquette Cos.

The state plans to preserve much of the bayside property with conservation and easement restrictions.