Beth Wilson, Caller-Times
May 20, 2006
A Houston-based developer has purchased 554 acres
of Mustang Island beach land for a high-end residential development.

The purchase by ZOL Development was announced Friday. The land includes parcels in Port Aransas and Corpus Christi on both sides of State Highway 361.
The company also announced the purchase of 672 acres at South Padre Island, where it plans a similar residential development.
President Jose Lora said escalating costs for coastal property in Florida and California, as high as $1,000 a square foot, led the company to Texas.
"We have a third coast that really hasn't been developed," he said. "We'd like to put people in condominiums on the ocean at $400 a square foot."
The development, called Deseo, will include high-rise residential towers, about 26 stories high, and cabana-style homes.
Retail shops and restaurants also will be included in what developers are calling town centers.
Lora said the target market is baby boomers and retirees looking for second homes. Average home prices will be in the upper $400,000s.
Lora said preliminary plats are expected to be approved later this year, with construction beginning in the last quarter.
Developers have submitted a 41-acre plat for single-family homes to Port Aransas officials, said Dave Parsons, planning and project manager.
He said the plan for houses rather than a plan that included high-rises would be favorable to those who prefer low-density development.
Houston-based ZOL Development officials expect to open sales centers in Houston and onsite this fall. The company has other real estate projects in Florida, Kentucky, Georgia and Mexico.
Information: www.zoldevelopment.com.
Graphic: Locator Map
NEW DEVELOPMENTS
Future site of South Padre development
Credit: Caller-Times