Mixed-Use Condo in Galveston, Laffite's Cove

Houston Business Journal - by Jennifer Dawson Houston Business Journal

A major league investor group has assembled 35 acres in Galveston with plans to develop high-end condominiums and a new marina and dry-stack boat storage, as well as to refurbish the old Stewart Mansion.

The majority investors are Todd Edwards and Robert Schwartz, who own Houston-based Stonehenge Real Estate Investment Co.

Other players in the deal include Roy Oswalt, pitcher for the Houston Astros; former Astros pitcher Woody Williams; Steve Sparks, former pitcher for the Arizona Diamondbacks; and Houston real estate broker Jimmy Pappas. The all-star investor lineup originated in Houston's Memorial area, where Edwards, Pappas and cousins Schwartz and Williams grew up. Edwards met Sparks at Texas A&M University, where both played baseball. And the men met Oswalt through his former teammate, Williams.

The group is teaming up to develop Laffite's Harbor -- a 35-unit condo project and 104-boat covered sling slip marina on Galveston's west end by Pirate's Cove and Laffite's Cove. Homes in the waterfront community will range from $760,000 for a 1,900-square-foot unit to $1.6 million for a 4,000-square-foot penthouse.

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