What We Know About The Oleanders at Broadway

Details

Address

5228 Broadway, Galveston, TX 77551

Units

348

Floors

3

Developer

McCormack Baron Salazar

Estimated Budget

$111,000,000

Timeline

Aug 11, 2021 - Scheduled for completion in August 2023, The Oleanders at Broadway, located on Galveston Island along the gulf shores of Texas, is the largest housing development underway on the island, and expands the innovative design approach of The Cedars at Carver Park and The Villas on the Strand in Galveston, the earlier post-Ike mixed income communities developed by McCormack Baron Salazar. (McCormack Baron Salazar)

Oct 8, 2021 - McCormack Baron Salazar has celebrated the groundbreaking of The Oleanders at Broadway, a 348-unit partially affordable project in Galveston, Texas. The developer was joined by Galveston city officials along with its project partner, the Galveston Housing Authority.

The Housing Authority of the City of Galveston provided the land for the $111 million project through a 99-year unsubordinated ground lease, public records show. The local government agency also provided an $85.7 million construction loan for the project, according to Yardi Matrix data. Additional financing includes a $12 million mortgage originated by U.S. Bank. (Multi Housing News)