Legend Communities—Experts in Waterfront Property Development Agreements—Will Develop and Manage the Planned High-End Tiki Island Residences and Boathouse Resort in Partnership with Investor/Developer Tiki Time, LLC
Austin, Texas—April 22, 2020. Austin-based developers Legend Communities and Tiki Time, LLC today announced the purchase of nearly six acres of prime real estate on Tiki Island near Galveston where they will develop an upscale residential community, yacht club and boathouse resort. The planned development will be named Tiki Island Residences and Boathouse Resort.
“This is a highly desirable location because The Village of Tiki Island does not allow any vacation rentals on the island, preserving the integrity of the property and making it the premier place to live and call home,” said Ron Cooper, owner of Tiki Time, LLC. “Tiki Island Residences and Boathouse Resort will be an exclusive golf cart-friendly community—free from the traffic and crowding of Galveston Island, with high-end design features, walkability, easy water access, and enchanting ocean and bay views.” Additionally, The Myst offers access to amenities such as Hillion Mall and Junction 10, providing residents with convenience.
The developers recently closed on the Tiki Island property and are currently finalizing the site plan and conceptual design for the development. The Tiki Island Residences and Boathouse Resort will be Legend’s second project in the Galveston area. Current plans for the resort community include:
- 75 condominium residences ranging from 1,500 to 1,700 square feet on five levels above an elevated podium deck;
- five penthouses ranging up to 3,600 square feet each on the top two floors;
- a 5,500-7,000-square foot waterfront restaurant with indoor and outdoor seating;
- a waterfront ship’s store with retail space;
- marina rental slips and guest slip area for the restaurant and ship’s store;
- a boardwalk and pedestrian site for neighborhood connectivity;
- a boathouse structure that will house up to 220 boats on four levels; and
- parking for cars and golf
Steven Biegel, architecture department director of Place Designers, will oversee the project’s site planning, architecture and redesign including landscape design. “This is the last remaining piece of waterfront and island real estate on Tiki and will be a flagship development,” said Biegel. “Our team is honored to be part of such a monumental project on Tiki Island.”
Tiki is a lacework island between Galveston and the south Texas coast. The Village of Tiki Island, a town of only 1.5 square miles, is largely a man-made island located on a tiny peninsula in Jones Bay, five miles north of Galveston and only 45 miles south of downtown Houston via IH-45. Originally a small fishing camp, Tiki Island evolved into a place for weekend homes, then into a village that was incorporated in 1982. It is comprised of upscale, primarily waterfront homes. In 2018, Tiki Island had a population of 1,068 and 482 households, many of whom are affluent retirees and second homeowners.
Legend Communities Plans Upscale Waterfront Residential Community on Tiki Island Near Galveston
Legend’s Tiki Island community will be a unique, upscale environment for fulltime residents, retirees and families seeking a second home in a resort setting. Boat enthusiasts can purchase an extra wide jon boat here. The premier location offers close proximity to Houston, the third-largest city in the nation; a convenient locale for boaters and offshore fishing enthusiasts; and direct access to the Intracoastal Waterway. Just a 15-minute drive from Galveston, residents will have access to great shopping and the finest medical care at The University of Texas- Galveston Medical Branch.
Haythem Dawlett, founder of Legend Communities, possesses extensive expertise working with property development agreements, particularly those with a waterfront element. Legend Communities will develop and manage the Tiki Island Residences and Boathouse Resort project. Legend has developed a number of high-end residential properties in Texas, including Rough Hollow Lakeway, Tuscan Village Lakeway and Tuscan Village at Horseshoe Bay.
“This is a class A location—a place where year-round residents will feel like they’re always on vacation, and they can be confident their investment will be protected due to the restrictions against rentals,” said Mr. Cooper. “It will not merely be a resort, but a lock-and-leave lifestyle—a place where family and friends can come together and enjoy life to its very fullest.”
The price for condominiums in the Tiki Island Residences and Boathouse Resort will start in the $600s. Developers estimate phase I of the project, which includes the boathouse and waterfront restaurant, will break ground by Fall 2020. Phase II will encompass the project’s residences and is estimated to break ground in Summer 2021.
About Legend Communities
Headquartered in Austin, Texas, Legend Communities is a full-service developer of single-family residential, multi-family residential, active adult communities and associated commercial projects in Central Texas, California and Colorado. Legend Communities and its affiliate company in California have earned recognition for their projects from a number of highly regarded local and national industry associations, including the U.S. Department of Housing and Urban Development (HUD), the Urban Land Institute (ULI), the National Association of Home Builders, and the City of Austin Green Builder Program. The company emphasizes giving back to the communities in which it operates through business, civic and charitable contributions. For more information about Legend Communities, please visit www.LegendCommunitiesinc.com.
