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Galveston East Beach residential high-rise Palisade Palms Laura Elder of the Galveston Daily News reports that the Development firm Falcon Group says it plans to add a twin-peaked, 300-unit tower to a project that already boasts the island’s tallest building. Word came as the developer said it would begin next month closing sales on units in the two existing 27-story towers on East Beach. Falcon Group’s plan to build a third tower comes as condominium developers across the nation, particularly in Florida, take huge financial hits in glutted markets where prices are plummeting. But Richard G. Anderson, vice president of development for Falcon Group, said there was strong demand at and a healthy thirst for beach-front properties along the Texas Coast. Falcon Group reports that buyers have plunked down earnest money contracts on 92 percent of the 288-unit, Palisade Palms where prices range from $400,000 to $1.6 million. Sales are measured by actual closings, a process that will begin in early May, Anderson said. About 20 percent of the condo buyers will make Palisade Palms their primary home, he said. That amount could increase as those who bought units as second homes retire and move to the island, which would boost the city’s economy, he said.

Palisades Palms is just one of the projects garnering attention on the Texas gulf coast. Ocean Tower High Rises on South Padre Islands also reports success in outperforming the market. The slender tower rises out of the dunes just north of town. South Padre Island came to life this month as the first tours were given at a topping out party for the building. The tower has reached its final height of 31 floors. Domit Development is a residential and commercial builder that was founded in 1993. The company has received awards and recognition for their sophisticated designs and for creating top quality projects in South Texas. With this tower, Domit hopes to create a nearly all-inclusive way of living with its first class amenities for residents. Every condo will have breathtaking views of both the Laguna Madre Bay as well as the Gulf of Mexico. Nearby is the bayside marina that is part of the Shores development.

The Sapphire, a Randal Davis project on South Padre Island, also reports brisk sales. Another Tower has already been announced, keeping pace with Palisade Palms. The 31-story, resort-style Sapphire condominium is on target for an August completion date. Situated at the southern tip of the Texas Gulf Coast in South Padre Island, The Sapphire consists of 14 town-house style bungalows and a three-story parking garage. Initially planned as a two-phase project, it is being built as a single phase due to booming sales. The two towers are connected for the first 19 floors and contain more than 200 units, ranging in size from 1,400 to 1,900 sf. The 20th floor features private terraces with six-foot-high wind screens The Sapphire offers each unit dual views of the Gulf of Mexico and Laguna Madre Bay. Randal Davis also has a new project on the Galveston Island Seawall with a private beach - called Diamond Beach Resort, that is sure to be a big success. See Video

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