New Marina in Tiki Island

International Bancshares Corp. is doing double duty as lender and developer to build a $25 million marina on Tiki Island, now that the project’s original developer is no longer on board.
IBC-Houston originally loaned money to Tiki Ventures Ltd. for construction of 90 residential condominiums and 150 boat slips on the tiny hamlet just outside of Galveston. But a sinking economy scuttled the deal and the bank took possession of the property late last year. The site is now owned by an IBC subsidiary called Premier Tierra Holdings Inc.
The bank has brought in Yacht Clubs of the Americas to market 400 proposed marina slips as condominiums for boats. The Florida-based operator of upscale marinas launched a marketing effort last week in conjunction with Laredo-based IBC. The partners will not disclose the nature of their business arrangement.
“It’s the first time we’ve developed a project,” says Jay Rogers, chairman and CEO of IBC-Houston. For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com